Gold had dropped to $1694 levels, almost taking out a lower degree wave iv triangle termination. The recent rally towards $1726 looks corrective and expected to reverse fro $1737 handle if prices reach there. We want to keep focusing on the larger degree wave structure, which has been indicating a potential bearish reversal from $1765/75 levels. Initial drop towards $1694 might be the first sign of a bearish reversal. If the above short term count is correct, Gold should stay below $1765 and push towards $1660. A break of $1660 support will confirm that the trend has reversed and that the yellow metal is good to be sold on rallies thereafter. Overall, bears are expected to remain in control until Gold holds below $1765 handle.
Strategy:
Aggressively short against $1765, targeting below $1660, $1560, $1450.
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 $1660, $1560, $1450.
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.