Gold could see the next support coming in around $1219 levels

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Gold prices are seen to be trading around $1223/24 levels at this point in writing, after having print interim highs at $1228 levels yesterday. Looking into the wave counts, it seems that the metal could be preparing for a brief dip towards $1218/19 levels before making a move forward towards $1250/70 levels as projected earlier. Please also note that the metal has strong support now around the $1211 levels, followed by $1195/96 levels respectively and it should be encouraging for the bulls, until prices stay above those. Immediate price resistance is now at $1230 levels, followed by $1236 respectively and a push through them should accelerate and confirm its move towards $1250/70 levels going forward. Looking into the medium term structure, Gold is into its corrective rally A-B-C, and is further unfolding its wave C into 5 wave or a diagonal. Overall bullish structure remains for now.


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