Gold has managed to clear above $1790 and print yet another high close to $1798. Believe it or not, with each new high registered in Gold, the RSI is showing a bearish divergence along with Silver price action. It is nobody's guess whether Gold has topped or not, but a certainty that upside remains limited from here. Immediate support now remains around $1750 mark and a break below will be the first step towards a trend reversal. We remain neutral for now and will prepare to sell after price action confirms a break below $1750. The larger degree wave structure still remains bearish with Wave (C) to resume lower towards $1046 in the next few months. Please also note that Gold has hit the fibonacci 1.618 extension of the counter trend rally Wave (W) here.
Strategy:
Flat for now.
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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.
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.