Gold continues to probe resistance around $1730/40
Gold had again rallied towards $1744/45 resistance yesterday before reversing lower. The yellow metal might have carved a lower high below the $1765 handle, and should be proceeding towards $1660 levels in the short term. The weekly chart presented here is indicating that Gold remains vulnerable to a sharp reversal lower until $1765 remains intact. The yellow metal has been dropping since $1920 to complete an (A)-(B)-(C) corrective phase. Waves (A) and (B) are in place at $1046 and $1765 respectively. Gold is expected to resume Wave (C) lower anytime soon and a break below $1660 will confirm a bearish reversal ahead. Only a break above $1765 would delay matters further. At the moment, we continue to favor Gold reversal against $1765. Intraday resistance is seen around $1735/36 levels.
Strategy:
Aggressively short against $1765, targeting below $1046 in the long run.
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:
Aggressively short against $1765, targeting below $1046 in the long run.
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.