Recently, Gold has been trading sideways at the price of $1,199.75. According to the H1 time – frame, I found the potential end of the upward correction (abc flat-zig zag), which is a sign that buying at this stage looks risky. I also found that the most recent upward correction is just a potential part of the larger downward correction and wave C. My advice is to watch to watch for a potential breakout of the support trendline to confirm a further downward movement. The downward targets are set at the price of $1,191.65 and at the price of $1,187.45.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, Gold has been trading sideways at the price of $1,199.75. According to the H1 time – frame, I found the potential end of the upward correction (abc flat-zig zag), which is a sign that buying at this stage looks risky. I also found that the most recent upward correction is just a potential part of the larger downward correction and wave C. My advice is to watch to watch for a potential breakout of the support trendline to confirm a further downward movement. The downward targets are set at the price of $1,191.65 and at the price of $1,187.45.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: