Gold carves a shooting star on weekly since printing $1747 highs
Gold has produced a shooting star candlestick pattern on the weekly charts after reversing from $1747 highs. The yellow metal might have carved a meaningful top at $1747 last week that could last for several weeks and months. On lower time frames, we are yet to see an impulse drop to gain further confidence on potential bearish reversal. Yet high probabilities remain for a move lower and aggressive traders might initiate short positions against $1747. A larger degree wave count suggests that Gold could be heading below $1046, going forward.
Strategy:
Short against $1755, targeting below $1046 in the long 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:
Short against $1755, targeting below $1046 in the long 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.