Gold has finally carved an Evening Star after consolidating for a few weeks since printing high at $1765. The yellow metal also broke lower on Friday towards $1670, before pulling back. It is just a matter of time to break below $1660 and confirm a trend reversal. With respect to the wave structure, Gold might have carved a meaningful top at $1765, at a larger degree and is now looking to reverse lower below $1046 in the long term. With respect to the patterns, an Evening Star confirms potential bearish reversal and with respect to price action, a break below $1660 would confirm bearish reversal. All the above are enough evidence to suggest that Gold remains a great candidate to be sold on rallies ahead of $1765.
Strategy:
Aggressive short against $1765, targeting $1660, $1570, $1450 and further.
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:
Aggressive short against $1765, targeting $1660, $1570, $1450 and further.
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.