Gold continues to remain vulnerable for a bearish reversal against $1765 highs. As it happened with indices, Gold could be next to break lower. The short term projections are towards $1660 and a break below would confirm trend reversal ahead. At a higher degree, Gold remains poised to push below $1046, to complete the corrective structure that started from $1920 in 2011. A zigzag is underway with a Wave (A) terminating at $1046, Wave (B) potential termination around $1765 and Wave (C) to resume lower towards $1046. It is too early to confirm the same at this point in time but looking at the price pattern on the Weekly Chart, a high probability remains for a bearish reversal ahead. Conservative traders may wait for a break below $1660 to confirm and initiate short positions on rallies.
Strategy:
Short against $1660, 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:
Short against $1660, 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.