Gold 1H view indicating a push towards $1220 ?

Gold had push through initial short term resistance around 1199/1200 levels yesterday, before pulling back lower. The yellow metal seems to have broken below a short term support trend line but it could still find support from the current levels around $1189/90. Also note that prices are right at the fibonacci 0.382 support of the rally between $1160 through $1200/02 respectively. Furthermore, the hourly wave counts are probably indicating of a potential impulse formation, and that prices could be close to wave 4 termination. If this structure holds well, we could see yet another push higher through $1215/20 region, before a meaningful correction could begin. Also note that fibonacci 0.618 extension of waves 1 through 3 is seen at $1215 levels, indicating a potential push higher.


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