Gold could re-test $1180/82 levels before rallying

10 oct 2018

Looking at the price action and wave structure for Gold at this point in writing, the yellow metal seems to be drifting sideways $1183 and $1192 levels. It could be unfolding a potential triangle or flat before a last drop lower into $1180/81 region. This could complete a 3-3 wave count and then give way to a 5 wave rally towards $1250/70 levels, finally completing a 3-3-5 wave structure as the last leg of correction. To simplify, Gold medium term bullish structure could still remain intact until prices stay above $1180.00 levels going forward. On the flip side, a drop towards $1172 could be possible which delays matters for the proposed rally.


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