We continue to present the weekly wave structure for Gold, until a clear impulse unfolds on lower time frames. Believe it or not, a high probability remains for a major top being formed around $1747 levels in the yellow metal. Even if it breaks higher, upside remains limited and a bearish reversal should materialize soon. Gold is trading around $1707.00 levels as we write the article and is expected to drop lower towards $1660/61 support. A break below $1661 would accelerate further as price action would also favor downside. Structurally, the yellow metal has been in a larger degree corrective phase (A)-(B)-(C) since 2011 highs at $1920. Waves (A) and (B) seem to be in place at $1046 and $1747 respectively. Wave (C) could be underway below $1046 in the next several months.
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.