Gold has carved a shooting star candlestick pattern on the weekly chart after printing highs at $1765 last week. It might be the first potential indication for a bearish reversal ahead. Having said that, it could be too early to confirm at this point when the yellow metal is trading around $1727/28 levels. We need to see a clear break below $1690, previous lower degree wave iv termination to confirm a reversal. Also note that prices normally drift towards the beginning of triangle pattern which is around $1661. The weekly chart presented here is also indicating Gold prices might have topped around $1765, which is fibonacci 0.786 of the entire drop between $1920 and $1046 respectively. The multi-year corrective phase could resume its last Wave (C) lower towards $1046, and the bearish trend could last for the next several months to come.
Strategy:
Aggressively short against $1787, targeting below $1661, $1560 and $1450 to begin.
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 $1787, targeting below $1661, $1560 and $1450 to begin.
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.