Gold has been drifting sideways since printing highs at $1818 levels. The trading range is extremely narrow between $1815 and $1795 respectively. A break below $1795.00 would accelerate towards $1750, indicating the beginning of a bearish reversal. Alternately, a break above $1815 might attempt another push beyond $1818, which could be the thrust wave, before reversing lower. Believe it or not, upside potential remains limited from here as the yellow metal could be terminating a larger degree Wave (B), counter trend rally that had begun since $1046.00 lows in December 2015.
Strategy:
Flat for now, looking to sell higher up.
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 higher up.
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.