As expected, gold made nice three waves of correction back to projected $1,250 per oz. support level, but there can be room for deeper and more complex correction down to around 61,8% Fib. retracement and 1245 level. However, we remain bullish as longs as price keeps trading above $1,237  invalidation level. Bullish confirmed only above $1,258.

Gold, 1-hour

Silver

Silver made a three-wave pullback from $16.13 per oz. highs, like gold and found support at the 15.90 level. From the mentioned level a new intra-day rally followed, which we labelled as wave 1 as part of an upcoming five-wave cycle. That said, also look how nicely the former swing low at 15.89 level and the Fibonacci ratio of 61.8 played out to be good regions of support for the metal. More gains are expected for metals, especially if price breaks above the 16.08 level.

Silver, 30-min