Gold remains on target to hit $1246/50

4 déc. 2018

Gold is seen to be trading around $1238/39 levels at this moment in writing, pretty close to hitting the first soft target at $1246 levels at least. The wave structure remains intact with Wave C progressing well towards $1250/70 levels respectively. Please note that Gold has taken out its first resistance at $1236 levels and could retrace lower a bit before rallying further. In either case, buying on dips remain to be a safe trading strategy for now. The next price resistance is at $1243, while support is seen at $1212/16 levels respectively. Please note that if Wave C is unfolding as an ending diagonal , we could see a drop lower soon before it produces the last leg higher towards $1250/70 levels. Overall, the medium term bullish structure remains intact for now and buying on dips against $1212 levels could be a favored trading strategy.


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.