Gold has taken our protective stops at $1747 last week, as the metal broke out of the proposed short term triangle consolidation. Triangles normally precede the terminal thrust waves and it is just a matter of time before reversing sharply lower again. A conservative trading approach is as follows: Remain flat for now and allow Gold to break below $1690 to confirm a bearish reversal. Prepare to sell on rallies thereafter. An aggressive trading approach is as follows: The thrust wave is expected to terminate around $1773 levels. Hence prepare to sell @ $1773 with risk just above $1785. As to the long term structure, the weekly chart presented here still remains bearish as Gold prepares to resume lower in a larger degree Wave (C).
Strategy:
Conservative: Flat for now. Allow break below $1690, then sell on rallies.
Aggressive: Sell @ $1773, stop @ $1785, target is open.
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:
Conservative: Flat for now. Allow break below $1690, then sell on rallies.
Aggressive: Sell @ $1773, stop @ $1785, target is open.
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.