Gold prepares to rally through $1900 zone

Feb 15, 2021

Gold might be still unfolding its counter trend rally as an expanded flat corrective wave labelled as Alt: A-B-C on the 4H chart here. If the above unfolds as labelled, Alt C wave could be underway soon towards $1900 zone, which is also marked as fibonacci 0.618 retracement of earlier drop. For the above count to be true, the yellow metal needs to hold above $1785 mark, going forward. Alternately if Wave 3 is progressing lower, Gold would stay below $1875 and continue lower from here.

Short term rally towards $1900, then turn bearish against $1965