The rise from $1,240 to $1,286 in Gold price was retraced by nearly 50% yesterday. This pull back found support at $1,258 as I mentioned yesterday that a pull back towards $1,255-50 was expected.
Gold price as long as it holds above $1,258, we should expect the upward move to continue towards $1,300 and why not higher. If $1,258 is broken and we see at least a one-hour close below that level, we should anticipate Gold price to challenge $1,240 lows with a potential break towards $1,200-20.
Our longer-term view remains uchanged. As long as $1,240 is not broken, wave D is complete and we should expect a move towards $1,330-40. If we break support at $1,240 I believe we are going to test support at $1,180.
The material has been provided by InstaForex Company - www.instaforex.com
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