Continuing the discussion from yesterday, Gold daily chart is suggesting that prices might have found support at $1160 mark, slight lower than what was expected. Looking at the structure from December 2015 till now, the potential triangle consolidation still remains intact, with prices potentially testing lower support zone. Furthermore, today's pattern could be a bullish pin bar reversal, which could bring back bulls into play for a potential rally as wave E would unfold. If this structure holds, we could see prices pushing through the $1250/60 zone, which could be 61.8% of previous wave C, as highlighted here on the chart.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.