Gold continues to trade within a tight range between $1710 and $1730 since the past few trading sessions. The short term wave counts are as follows: the drop from $1765 through $1694 could be the first impulse lower, wave 1 (not labelled). A potential expanded flat could be in the making as wave 2 (not labelled), which could terminate around $1745/46 levels. Thereafter, we can expect a sharp wave 3 reversal lower towards $1660 and further. This would also confirm a long term trend reversal towards $1046 and further. The larger degree wave counts are as follows: the drop between $1920 and $1046 was an impulse, Wave (A) within the corrective (A)-(B)-(C). Subsequent rally towards $1765 could be Wave (B) and Wave (C) is expected to resume lower. Overall, Gold structure remains bearish against $1765.
Strategy:
Aggressively short against $1765, targeting below $1046
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:
Aggressively short against $1765, targeting below $1046
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.