Gold progressing through Wave E towards $1270/73?

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We again bring forth the daily chart setup for Gold, which is into its last leg within the triangle consolidation structure (wave E). At the moment, there is no change in the proposed direction but watch out for a probable short term resistance towards $1220 mark. Please note that $1220/25 level could be wave a, within the probable a-b-c corrective rally. It could also be safe to presume that until prices remain above $1160 level, bulls are expected to remain in control and push prices through $1270/73 mark, which is the 61.8% of wave C. Looking to buy on corrective dips could be considered a safe trading strategy for now.


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