Goldshort term wave structure still continues to be a corrective in nature. The rally between $1189 and $1213 earlier was in 3 waves. The sharp reversal lower was not a surprise and it was presented on Friday, that prices could still drop towards $1185 levels before turning higher again. Looking at the structure till now, the drop has been in 3 waves but it remains to be seen how it unfolds on Monday. Overall Gold remains bullish towards $1250/70 levels at least but could drop towards $1185 before rallying higher.
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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.