SHORT Gold may stay below $1326 going forward!

8. Feb. 2019

Gold prices completed an impulse at lower degree yesterday with prices forming fresh lows around the $1302/03 handle before pulling back. The lower degree counts are still suggesting that the pullback is not complete yet and there could be another push higher towards $1317 handle before bears could take back control. As we have been discussing this earlier, the larger degree counts might be suggesting that a large triangle consolidation just terminated at $1326 levels and if this holds true, prices should ideally stay below $1326 levels going forward. The short term wave structure is counter trend and id expected to terminate around $1317 levels. A safe trading strategy could be to sell around $1317 levels against $1326, with potential target towards $1280 at least.


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