Gold hits resistance at $1790. Could this be the turning point?
Gold has hit fresh highs today at $1790 and is seen to be pulling back as we publish the article. On the short term charts, $1747/50 remains immediate support that need to be taken out to confirm the first step of a bearish reversal ahead. We would be watching the yellow metal very closely and update here. Structurally nothing changes at a higher degree except the fact that Gold might have hit a major resistance around $1790 and a bearish reversal could be underway soon. The larger degree wave counts are still suggesting that Gold is in a multi-year corrective phase (A)-(B)-(C) since $1920 highs in 2011. It has terminated Wave (A) around $1046 in December 2015, Wave (B) is close to termination or might be complete at $1790 today. If the above is correct, Wave (C) lower should be on its way soon.
Strategy:
Aggressively short against $1795, targeting $1046 over the next few months.
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:
Aggressively short against $1795, targeting $1046 over the next few months.
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.