We continue to present weekly chart setup for Gold as lower time frames prepare to break below $1661 levels. The yellow metal is trading around $1709 at this moment and we expect further drop below $1692 in the short term. A multi-year corrective drop is underway at a larger degree since $1920 highs in 2011. Higher degree Waves (A) and (B) seem to be in place at $1046 and $1747 levels respectively. Gold is looking to resume lower towards $1450, $1300 and further as Wave (C) unfolds. We are still waiting for an impulse wave to complete on lower time frames and would bring up as price action confirms. Structurally, Gold remains bearish as long as prices stay below $1747 handle.
Strategy:
Short against $1747, targeting $1450, $1300 and lower
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 $1747, targeting $1450, $1300 and lower
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.