We have again presented the weekly wave structure and would continue to do for a while. There is no change in the larger degree wave structure which is pointing lower towards $1046 levels, until $1747 resistance is in place. The yellow metal has been carving a larger degree zigzag corrective drop from $1920 levels in 2011. After carving an impulse Wave (A) towards $1046 levels, it has managed to complete a combination (W)-(X)-(Y) towards $1747, potential Wave (B). If the above counts hold well, we should see a sharp bearish reversal towards $1046 and lower as Wave (C) unfolds. Only a break above $1747 would void the above bearish structure.
Strategy:
Short against $1747, targeting towards $1046
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 towards $1046
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.