In our previous analysis, we have mentioned a correction in the gold market. The whole structure has been labeled as ABC where wave C has been forming recently. The wave C may have finished in the area of 1750-1788 USD. In this place, the lower limit within a downward channel is also located.
Today the market has rebounded strongly so if the mentioned support is defended a new upward movement may appear. The nearest target for the buyers may be located at the line drawn through the tops or at 1936 USD.
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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.
Today the market has rebounded strongly so if the mentioned support is defended a new upward movement may appear. The nearest target for the buyers may be located at the line drawn through the tops or at 1936 USD.
________
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.
