Gold has taken our stops out at $1765 but still remains vulnerable for a bearish reversal. The larger degree wave structure presented here is enough proof for the yellow metal being very close to a meaningful top. In the short term, immediate support lies at $1670 and a break lower would confirm a potential trend reversal. At a larger degree, Gold seems to be unfolding as a zigzag since $1920. The yellow metal had dropped from $1920 through $1046 sub dividing into 5 waves, Wave (A) on the chart here. Wave (B) unfolded as a combination (W)-(X)-(Y) and might be close to terminating ($1780). If the above counts hold well, we can expect a sharp reversal as Wave (C) resumes lower. The metal need to drop below $1046 to complete the above structure. We turn neutral for now but will watch closely any price action on the smaller time frames and update here accordingly.
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.