Gold continues to test resistance around $1735/45 before turning lower again. The yellow metal has retraced its drop between $1765 and $1664 around $1743 today. It is trading around $1731/32 as we write the article, and is expected to continue lower towards $1660 in the short term. Looking at the bigger picture presented here, the yellow metal is in a larger degree corrective phase (A)-(B)-(C) than began in 2011 since $1920 highs. Within the corrective phase, Wave (A) and (B) seem to be complete at $1046 and $1765 respectively. If the above holds well, Wave (C) should be on its way lower below $1046. It is too early to confirm the above and the first step should be a break below $1660 support. Once the support is taken out, any pullback rallies should remain well capped below $1765, providing opportunities to go short.
Strategy:
Aggressively short against $1765, towards $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, towards $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.