Gold weekly chart setup still remain valid for a swift reversal lower, after having taken out last week above $1747 handle. There is not enough evidence at the moment to confirm that the trend has reversed, but watch for a break below $1690 and $1660 levels in the short term. The recent wave structure might be indicating that Gold had dropped from $1765 through $1727 carving a lower degree impulse wave (not marked today). It has been followed up with an expanded flat corrective wave towards $1750/51. Ideally a swift reversal should be next from here taking the yellow metal towards $1660 handle. If the above unfolds as expected, it would confirm that Gold has topped at $1765 and the next big move should be lower, lasting for several months.
Strategy:
Short against $1787, targeting below $1660, $1550, $1450 and lower.
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 $1787, targeting below $1660, $1550, $1450 and lower.
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.