Gold has been holding well below $1818 mark and had again reversed from $1815 today. The yellow metal trades below $1805 at this moment and might be looking to push further lower. Please note, a break below $1750 will confirm a potential bearish reversal, which is long due. The larger degree wave structure still remains unchanged with Gold in a corrective phase since 2011 highs at $1920. The drop between $1920 and $1046 was in 5 waves hence it need another low to complete the structure and the corrective rally cannot exceed $1920. Without any further speculation on a potential top formed, we wait for a break below $1750 lows to initiate a potential sell on rallies strategy.
Strategy:
Flat for now. Looking to sell.
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.
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.