SHORT Gold may stay below $1326 going forward!
Gold prices completed an impulse at lower degree yesterday with prices forming fresh lows around the $1302/03 handle before pulling back. The lower degree counts are still suggesting that the pullback is not complete yet and there could be another push higher towards $1317 handle before bears could take back control. As we have been discussing this earlier, the larger degree counts might be suggesting that a large triangle consolidation just terminated at $1326 levels and if this holds true, prices should ideally stay below $1326 levels going forward. The short term wave structure is counter trend and id expected to terminate around $1317 levels. A safe trading strategy could be to sell around $1317 levels against $1326, with potential target towards $1280 at least.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
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