Gold prices have not managed to break above the short-term resistance level at $1,245. We continue trading within an upward corrective wave, and our main view is to stay neutral until a good sell opportunity arises near our bounce target of $1,270.
Prices could have finished wave A of the upward correction and could be preparing for wave B down to test $1,225. We expect the upward correction to reach the red area as shown in the chart above.
Nothing has changed in the daily level as well. Trend remains down although the very short term trend is being challenged by the corrective upward bounce. We remain longer term bearish with $1,140 as first target. Important resistance levels that could put our bearish scenario in danger are the $1,270 and $1,330. Since we are neutral now, we look to sell near $1,270 for our longer term target. For short term traders, we could sell here at $1,240 with $1,255 stop.
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