Gold prices hit above expected target at $1270 levels!
Gold prices exceeded the projected extensions today by pushing above $1270 mark. It is seen to be trading around $1274 levels at this point in time and is expected to find resistance any time soon. Please note that the corrective rally (A-B-C), that had begun from $1160 levels seems to be now complete with Wave C hitting potential targets above $1274 levels. Also note that the higher degree triangle structure (not shown here), also looks to be complete now, with Wave E unfolding into 3 waves A-B-C and terminating around the $1270 plus mark. It is good to remain flat for now, and take all profits on the long positions initialized earlier. We shall be looking to sell on a bearish reversal soon.
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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.
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