Gold is carving an Evening Star on weekly against $1765 highs
Gold weekly chart had produced a shooting star last week, after hitting $1765, indicating a potential bearish reversal ahead. The yellow metal is following up this week with an Evening Star candlestick pattern in the making. We have been calling for a potential larger degree bearish reversal sine last several weeks and a complete bearish pattern to end this week would be encouraging. A weekly close below $1705/06, would be seen as an ideal Evening Star pattern indicating further weakness. With respect to wave structure and price action, an impulse drop towards/below $1660 would confirm that the trend has reversed lower. The yellow metal has been sliding lower and the next immediate target is seen towards $1690/1700 mark. Overall structure remain bearish against $1765.
Strategy:
Short against $1765, targeting below $1660, $1560, $1450.
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:
Short against $1765, targeting below $1660, $1560, $1450.
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.