Gold targets $1650 and $1550 in the next wave lower
Gold prices are expected to drop towards $1650 and $1550 mark if Wave 5 has resumed from $1756. The metal has been drifting sideways since then and it might be preparing for yet another rally towards $1770/75 before reversing lower. It is not mandatory though but probability remains before turning lower again. We remain prepared to add more short positions around $1770/75 mark but overall structure continues to remain bearish towards $1550.
Remain short against $1876, towards $1550
Remain short against $1876, towards $1550
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.