Published On: Wed, Apr 26th, 2017

Gold buyers set to return?

InstaForex

Background

Gold has spent a week or so retracing since topping at $ 1,297.4/oz on April 17. Yesterday was a good day for the bears as we saw selling from $ 1,279.9 to $ 1,262.8, posting a red candle with Marabuzo resistance at $ 1,271.7, which is also an intra-day reference.

We have $ 1,261.1 and $ 1,256.6/oz cited as important supports, so we expect to see buyers returning some time soon as long as these levels hold.

Management and risk description

Our stop is set below $ 1,249 to start with but once we retake $ 1,278/oz we’ll move to entry or better.

Parameters

Entry: Buy at market ($ 1,266/oz currently), and a dip to $ 1,262, and a break above $ 1,272

Stop: Initially below $ 1,249/oz 

Targets: $ 1,295, $ 1,320 and $ 1,338/oz 

Time horizon: 1-2 weeks for the first target, 2-4 weeks for the other two 

Daily (front-month future, continuation)

Source: CQG Inc

Weekly (front-month future, continuation)

Source: CQG Inc

— Edited by John Acher

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here

Feed for all trade views

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>