Will Gold give a surprise move?

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The recent demand pick up in Gold is undoubtedly due to escalating geopolitical concerns in Yemen. Gold which was trading near $1150 levels is now quoting above $1200 per ounce. The Fed meet last week stated that lift in interest rate will delay due to disappointing economic releases has actually helped Gold to gain strength as Dollar index tumbled till 96 levels. Yesterday Dollar index surged till 100 levels but there was no reversal seen in Gold, clearly indicating that the demand for safe haven still persists.

As per wave analysis, the recent up move looks to be impulsive where it has completed wave i and wave ii. It is likely it will start its next leg which is wave iii soon pushing prices higher till $1240-1250 levels followed by wave iv on the downside and wave v which can test the level of $1280. An impulsive wave is very aggressive and completes one completes one larger degree at rapid pace.

In short, the bias is positive for Gold and it is expected to test the level of $1280 in near term.

Gold Daily chart
 

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