A 4H chart view has been again presented here to highlight short and medium term wave counts and probabilities in the metal. Gold remains poised to print lower lows towards $1,030.00 levels it seems, the only question remains where to initiate short positions. At this time, the metal has been consolidating in a cone format as shown here, trading at the support line now around $1,070.00/71.00 levels. If prices break below the line, that would be considered as break down and shorts can be taken. On the other hand, a bullish bounce here should be bought with a short term target of $1,080.00 levels. A break above the resistance line would trigger a bullish counter trend rally, probably through $1,109.00 and up to $1,137.00 levels respectively. Immediate support is seen around the $1,067.00/63.00 levels, while resistance is seen around $1,080.00 and higher respectively.
1. Aggressive: Long now $1,071.00, stop at $1,063.00, target $1,085.00 and $1,098.00.
2. Conservative: Remain flat.