Believe it or not, the structure unfolding now could be pointing towards $1183 potential bottom in Gold (short term). The yellow metal broke below its lower degree triangle consolidation yesterday and touched $1189, before pulling back higher. A fibonacci extension of the drop between $1211 and $1192 earlier is converging well with the previous support (wave iv), at $1183 levels, highlighted on the chart here. Overall, the medium term structure remains bullish for Gold with potential targets towards $1250/70 levels, but a short term low around $1180/85 cannot be completely ruled out. An optimized long entry could be $1183 going forward.
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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.