Gold is oscillating between $1715 and $1740 levels for now, and is expected to break below $1690 in the short term. Bottom line remains that the yellow metal should stay below $1765. The weekly chart has been again presented here to confirm that Gold structure remain bearish at a higher degree. We are just waiting for a confirmation on smaller time frames with regards to the price action breaking below $1690 and $1660 to confirm a trend reversal. At a lower degree, Gold might have carved Waves 1 and 2 at $1694 and $1745 respectively. If the above holds well, we could witness Wave 3 lower towards $1660 and further in the next few trading sessions. Overall, Gold remains bearish against $1765 and high probability remains for a trend reversal.
Strategy:
Aggressively short against $1765, targeting below $1660, $1570 and $1450.
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 $1765, targeting below $1660, $1570 and $1450.
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.