Gold remains structurally unchanged for now as it trades at $1228.00 levels at this point in writing. Please note that the yellow metal has produced a shallow retracement after printing highs at $1232.00 levels earlier. The corrective drop has found support at the 23% fibonacci retracement of recent rally between $1181.50 and $1232.00 levels respectively. Prices have not really tested the past resistance turned support at $1213/15 zone until now. Though it is quite possible that a meaningful low is in place at $1218 levels, the probability of a drop towards $1213.00 levels still remains. Overall, the short medium term bullish outlook prevails.
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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.