Gold might be looking to test $1818 resistance again and bulls might be poised to push further. As discussed on Friday, the yellow metal trading near strong resistance, where fibonacci ratios are converging. A potential top cannot be confirmed by any means at this moment, and conservative traders might want to remain flat. We need to see a drop below $1757 support to confirm a potential beginning of a bearish reversal. Gold trades around $1810 as we prepare to publish today's update and a break below $1794, should be encouraging for bears, with respect to price action. We'd be watching the hourly chart closely and update on a break below initial support at $1757 going forward. We continue to believe the larger degree, which calls for a potential top and reversal soon.
Strategy:
Flat for now. Looking 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. Looking 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.