Gold continues to drop carving lower lows and lower highs since $1765 levels. After breaking $1690 this early this week, the yellow metal retraced higher towards $1720 before finding resistance and turning lower. Immediate resistance is seen at $1745, while support is seen through $1689 respectively. Ideally, Gold is expected to stay below $1745 and continue printing lower lows towards $1660. A break below $1660 will confirm that a meaningful top is in place at $1765 and that the yellow metal has resumed lower in tandem with the bigger picture presented on the chart. Beware of the bull traps if any and consider selling on rallies against $1765, going forward. Gold might be preparing to produce a larger degree Wave C lower below $1046, over the next several months.
Strategy:
Aggressively short against $1765, targeting $1660, $1570, $1450 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:
Aggressively short against $1765, targeting $1660, $1570, $1450 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.