Gold hits $1320 resistance. Potential reversal ahead?

Gold prices rallied after intraday lows at $1309/10 levels yesterday and managed to hit the $1320 mark, as discussed yesterday. This zone could be the next major resistance and has the potential to change direction of the existing trend. Please note that we had remained bullish since $1160 lows through $1270/80 mark earlier and chose to remain flat until the $1300/10 levels. Looking into the larger wave structure, please note that Gold might have completed Wave E within a long term triangle. If this structure holds true, we could see a major reversal from current price zone. Though it is too early to confirm the same at this point, it would be safe to either remain flat or initiate aggressive short positions from here on. Potential bearish move is seen ahead.


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