Gold might have carved a meaningful top at $1703 levels on March 09, 2020. The corrective rally that had begun since $1046 lows in December 2015, seems to have finally terminated at $1703 levels, and the yellow metal might be heading lower for several weeks and months to follow. Bottom line is that prices should remain below $1703 resistance. The recent structure is also constructive for bears since Gold had initially dropped from $1703 towards $1450 in an impulse, Wave 1 here. The subsequent rally to hit recent swing highs at $1675 is in 3 waves, Wave 2 here. If the labels are correct, Wave 3 should resume lower any moment and push prices towards $1265, the May 2019 lows. Alternately, a break above $1703 would alter the counts at least for the short term.
Strategy:
Short against $1703, targeting below $1265.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against $1703, targeting below $1265.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.