Gold weekly chart continues to construct a bearish story, until $1765 remains intact. The multi-year corrective phase that had begun in 2011 since $1920 highs is about to enter its last Wave (C), as bears prepare to take control back. A break below $1660 would confirm trend reversal against $1765, going forward. If the above larger degree wave structure holds good, Wave (C) should terminate below $1046 to complete the corrective zigzag structure. The short term picture is also pointing towards a sharp drop against $1765 highs. The drop to $1670 could be a lower degree wave 1, which is followed by a corrective rally toward $1758 today, potential wave 2 (not labelled here). If the above counts are correct, Gold is preparing for a sharp reversal lower towards $1660, $1570 and further.
Strategy:
Short against $1765, targeting towards $1660, $1570, $1450 and beyond.
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 $1765, targeting towards $1660, $1570, $1450 and beyond.
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.