Gold continues to probe short term resistance around $1720/22 handle. It is the fibonacci 0.618 resistance of the recent drop between $1745 and $1671 respectively. At a larger degree, Gold remains vulnerable for a sharp decline towards $1660, $1570 and $1450 going forward, as Wave C unfolds. The yellow metal has been in a corrective phase (A)-(B)-(C) since $1920 highs in 2011. Wave (A) terminated at $1046, while Wave (B) potential termination is seen towards $1765 in recent times. If the above larger degree counts are correct, Gold should resume lower in Wave (C). With respect to price action, a break below $1660 will confirm that the yellow metal has carved a meaningful top at $1765 and the trend has reversed.
Strategy:
Short against $1765, targeting below $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 $1765, targeting below $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.