Gold has dropped below the $1700 handle and is seen to be trading around $1685 levels at this point in writing. High probability remains for a meaningful top in place around $1747 levels as discussed earlier. The yellow metal has found resistance around fibonacci 0.786 retracement of the earlier drop between $1920 and $1046 respectively. A drop below $1640 would be extremely favorable to bears, going forward. A short term update shall be presented again to confirm an impulse drop from $1747 highs.
Strategy:
Aggressive Short against $1755/60, targeting below $1300 in the medium term.
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 $1755/60, targeting below $1300 in the medium term.
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.