Gold is trading bullish, ideally unfolding five bigger waves, as part of wave C of a bigger recovery. We can see that price found a base for corrective wave 4) of C at the 1277 level, from where a sharp and strong recovery unfolded. This strong recovery can be labelled as final sub-wave 5) of C in progress, which can look for resistance and a bearish reversal near the 1316/1330 region (area of Fibonacci projection zone of 161.8/200 and area where the upper Elliott wave channel lines sit and can react as resistance).
GOLD, 4h
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