Gold remains on target to hit $1246/50

4 dec. 2018Gold is seen to be trading around $1238/39 levels at this moment in writing, pretty close to hitting the first soft target at $1246 levels at least. The wave structure remains intact with Wave C progressing well towards $1250/70 levels respectively. Please note that Gold has taken out its first resistance at $1236 levels and could retrace lower a bit before rallying further. In either case, buying on dips remain to be a safe trading strategy for now. The next price resistance is at $1243, while support is seen at $1212/16 levels respectively. Please note that if Wave C is unfolding as an ending diagonal , we could see a drop lower soon before it produces the last leg higher towards $1250/70 levels. Overall, the medium term bullish structure remains intact for now and buying on dips against $1212 levels could be a favored trading strategy.


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