Analyst thoughts: Gold $
VIEW RETAINED: BULL TREND OUT OF ABC
The general outlook of an ABC correction, followed by impulsive gains to R2 and R3, seems to be materialising.
The final downward C leg reversed somewhat short of the S1 target range, indicating an underlying bullish impetus.
Interim further gains to R1, could be followed by a R1/S0 consolidation phase.
The break out of the X/Z correction ending formation has potentially activated the impulsive gains to R2 and R3. This will be part of the primary long-term bull trend.
S0* is pivotal for the immediate bull trend.
Target and re-assessment levels
Pivotal levels: R0* and S2*
Primary trend: Gains off S1 to R3.
Prevailing trend: Overlapping XZ downside to S1
Technical rating: Medium to high