A break below $1670 confirm bearish reversal in Gold
Gold is seen to be trading around $1772 after finding support from $1747 levels last week. Please note that fibonacci 1.618 extension of the counter trend rally is pointing towards $1798 levels. Probability remains but not mandatory for prices to rally past $1798 before reversing lower again. Bottom line: A break below $1670 support would confirm a bearish reversal on the weekly chart. Believe it or not, upside remains limited from here and it would be like getting into a bull trap to initiate long positions. Rather safe to remain aside and wait for a bearish reversal to enter shorts again. On a larger degree, Gold is preparing to resume Wave (C) lower towards $1046 and is just a matter of time before the yellow metal reverses lower again.
Strategy:
Flat for now, preparing to sell again.
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:
Flat for now, preparing to sell again.
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.