Gold completes correction around $1206 ?

12 nov 2018

Gold prices dropped lower than expected and formed fresh higher lows at $1206 levels on Friday. The structure from $1245 levels until now, looks to be corrective and could be retracing its earlier rally between $1182.5 through $1245 levels respectively. Please also note that prices could find support here, since it is a convergence point of fibonacci 0.618 support, past resistance turned potential support around $1206/08 levels as seen on chart presented. A bullish reversal here could trigger prices pushing higher again towards $1250 levels and higher. On the alternate side, a break below the counter trend support trend line , could target $1182.00 levels. A safe trading strategy could be to hold longs with stop below $1182.00 and potential target around $1250.00 levels respectively.


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