Gold keeps bullish structure intact. Higher to $1250/70

1 nov. 2018

Gold reverses from $1212 levels yesterday, bouncing from around 50% retracement of the rally between $1182.50 and $1245.00 levels respectively. Please note that it is also a convergence of the past resistance turned support zone . Furthermore, with prices reversing above $1208 levels, the yellow metal also keeps the impulse wave structure within Wave C to remain intact. As seen here, a probable wave iv terminated yesterday around $1212 levels and wave v is most probably underway towards $1250/70 levels, going forward. This move should complete the corrective rally A-B-C, which began from $1160 levels earlier. We maintain our medium term bullish stance against $1210 levels for now.