FXTM

Gold forms interim support around $1196 levels

شراء
FX_IDC:XAUUSD   الذهب / دولار أمريكي
Gold prices rallied post higher lows formed at $1196.00 levels earlier. Please note that the metal found support at a convergence of fibonacci 0.618 and trend line support earlier. Furthermore, the subsequent rally has taken out interim resistance around $1212 levels, keeping bulls in control. The metal could retrace lower from here before resuming its potential rally towards $1250/70 levels, but dips would now remain above $1196.00 levels if the above structure should stay. Structurally, Wave C of the A-B-C counter trend rally, seems to be well in progress and prices are expected to exceed $1250/70 levels until $1196.00 and $1182.5 supports hold. We maintain our medium term bullish outlook against $1196.00 levels for now.


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