Gold is already underway to complete its 3 wave counter trend drop that was expected and discussed earlier. The yellow metal is still looking to form a bottom around $1,060.00 levels before rallying higher towards $1,102.00 and $1,136.00 levels respectively. An intermediary top is now in place at $1.081.00/82.00 levels and the metal is presumably in its second wave toward $1,077.00/78.00 levels from current levels. If this wave count holds true, we should see a wave 3 drop into $1,060.00 levels before reversal. Immediate support is seen at $1,060.00 levels, while resistance is seen through $1,082.00 levels respectively. The RSI is also trading around 53 levels right now, indicating room left for a push through $1,078.00/80.00 before dropping lower into $1,060.00 levels.
Short from $1,078.00 levels, stop at $1,085.50, target $1,060.00