Gold is seen to be testing recent swing lows at $1195/95 levels for the third time in the past trading sessions. If the yellow metal manages to break below, we could be seeing lower levels towards $1180/85 levels before the rally could possible resume. Looking at the wave structure, Gold might be still working on a larger degree corrective Wave B, if the above scenario holds true. Then we could consider the entire rally between $1160 and $1215 levels as Wave A, the subsequent drop could be Wave B (in progress), and followed by a Wave C rally. Overall, the metal could still remain good to buy over dips towards $1180/85.
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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.