Gold could face strong resistance around $1284/89

2 jan. 2019We have been calling off to refrain from holding long positions in Gold since target hit at $1270 levels earlier. The yellow metal since then has been extending its gains which normally is the case of 5th wave extension. In this structure, it could be a possible wave v extension within Wave C, of the A-B-C corrective rally that had begun from $1160 levels earlier. Please note that the fibonacci extensions were also pointing towards $1277.00 levels and the 0.618 distance of Wave (C) within the larger triangle consolidation (not plotted here) is also pointing towards $1273/74 levels as presented. With the last leg extending at the moment, we shall refrain from taking positions until further bearish confirmation.


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.