Gold hits first target
In our previous analysis, we have mentioned that the price of gold may have finished the whole correction labeled as ABC. The C wave has ended at the lower limit within the main downward channel. Thus, the first potential resistance and the target for the bulls has been set by an upper limit of the mentioned channel.
Recently the price of gold has reached it above 1900 USD per ounce. Currently, the market seems to be moving lower to the first potential support at 1854 USD. If it is defended a potential running correction may appear and then we may expect another impulse wave if the upper limit of the channel is broken.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recently the price of gold has reached it above 1900 USD per ounce. Currently, the market seems to be moving lower to the first potential support at 1854 USD. If it is defended a potential running correction may appear and then we may expect another impulse wave if the upper limit of the channel is broken.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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