Gold prices have been drifting sideways since last several trading sessions, potentially in a triangle structure. It is seen to be trading at $1289/90 levels, possibly terminating into the final leg of the triangle consolidation at a lower degree. Triangle consolidations normally precedes the final thrust movement on either side and if the above structure remains intact, we could see prices producing a thrust rally towards $1314 levels before giving in to bears again. Please also note that the current consolidation has potential to drop towards $1260 levels as well and still it would hold the structure as intact. We have maintained a bearish bias since highs at $1300 levels and shall continue to do so for now. Selling on rallies could remain a simple trading strategy going forward.
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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.