Gold could retrace towards $1209/10 before resuming

23 nov. 2018The 4H chart presented here for Gold might be suggesting that an impulse rally at a lower degree could be in place at $1230 levels yesterday. Please note that according to the re-labelled wave counts yesterday, Gold could be unfolding into a potential Wave C, within the A-B-C corrective rally that began from $1160 levels earlier. A lower degree wave i or a could be in place at $1230 highs yesterday, leaving enough room for a corrective drop lower as wave ii or b unfolds. We have also presented the potential fibonacci support levels here and it is quite possible that the metal tests $1209 levels before turning bullish again. Please note that $1209 is the fibonacci 0.618 support of the recent upswing hence potential for a bullish turn remains. Bottom line, $1195/96 support should stay intact for the above structure to remain valid for now.


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