Gold is making an upward bounce after reaching near its 1,179 lows. Prices remain in a downward trend in all time frames and this upward bounce is still considered corrective. Prices continue to trade below the trend line resistance levels and the final 5th wave we believe we are in has still more room to unfold lower towards 1,140-50.
The downward move in Gold seems incomplete. I expect prices to bounce up to 1,210 maximum and then turn down again to make new lower lows. Support is found at 1,180 and important pivot level for today is the 1,202 price level. Important resistance is found at 1,210-1,220. Critical price resistance for major downtrend is the 1,245 level.
The daily chart has not changed our longer-term view. We see this positive candles as part of another upward bounce that is correcting the decline. We expect prices to challenge 1,180 and eventuallybreak below it.
