Gold Wave C higher underway till prices above $1180
Gold might have placed a meaningful bottom at $1180/50 levels earlier. The yellow metal is drifting sideways for now, carving a lower degree wave iv, expected to stay above $1192 levels going forward. If this structure stays, Gold prices could push towards $1213 and $1216 to complete its impulse before correcting lower again. Overall, once gold prices break above $1216, any further corrections could remain well capped above $1180 levels. Looking at the medium term structure, Waves A and B could be in place already and Wave C could progress higher towards $1250/70 levels at least.
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Disclaimer:
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