Gold continues to carve a lower degree Wave 2, since $1670 lows earlier. The yellow metal should ideally print one more high above $1745, before reversing sharply lower, as Wave 3 unfolds. We continue to present the weekly chart for a bigger picture but the short term counts are as follows: The drop from $1765 through $1670 seems to be a leading diagonal structure, potential Wave 1 (not labelled). The rally since then is unfolding and needs to print above $1745 to complete, potential Wave 2 (not labelled). If the above short term counts are correct, the yellow metal should push towards $1745, but stay below $1765, going forward. Overall, Gold continues to remain bearish against $1765 highs and could resume larger degree Wave (C) towards $1046 anytime soon. The trend should last for the next several months to come.
Strategy:
Short against $1765, targeting below $1046. Long term
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. Long term
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.