Gold faces immediate resistance around $1775/80
Gold continued its drop to $1717 lows on Friday before pulling back. The yellow metal might be working on a counter trend rally towards $1775 levels from here, which is also the fibonacci 0.618 retracement of the recent drop between $1817 and $1717 levels respectively. Wave structure reveals that Gold might be progressing into its Wave 3 lower from $1876 highs earlier. Also note that Wave 3 might be extending and potential remains for a continued drop towards $1650 and beyond. Only a break above $1965 would turn the structure.
Remain short against $1965, towards $1650 and further.
Remain short against $1965, towards $1650 and further.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.