FXTechstrategy Team
FXTechStrategy.com Representative
- Messages
- 39
Hi all,
Today, we are looking at GOLD.
Although the commodity is maintaining its broader medium term downtrend, we think in the short term GOLD should head higher. We think based on its Friday and Monday price action it faces a move higher on corrective recovery following its rejection candle formation on the above mentioned days.
Another back up to this is the commodity's continued hold above its strong support located at 1069.46. As long as as that zone remains unbroken, we envisage a recovery higher.
We see resistance around the 1117.00 with a break exposing the 1126.73. If downside move is seen, support comes in at 1096.00. Below here will push GOLD further towards the 1082.50 level
Strategy: We look to buy GOLD at 1106.50, our stop loss will be at 1093.86 and price targets are at 1120.00 & 1127.50
Note that we will be providing updates on this trade idea.
Have a wonderful trading day!
If you want to trade profitably learn more about our analysis and trade ideas for 10 currencies and 5 commodities daily, Check It Out Now
Today, we are looking at GOLD.
Although the commodity is maintaining its broader medium term downtrend, we think in the short term GOLD should head higher. We think based on its Friday and Monday price action it faces a move higher on corrective recovery following its rejection candle formation on the above mentioned days.
Another back up to this is the commodity's continued hold above its strong support located at 1069.46. As long as as that zone remains unbroken, we envisage a recovery higher.
We see resistance around the 1117.00 with a break exposing the 1126.73. If downside move is seen, support comes in at 1096.00. Below here will push GOLD further towards the 1082.50 level
Strategy: We look to buy GOLD at 1106.50, our stop loss will be at 1093.86 and price targets are at 1120.00 & 1127.50
Note that we will be providing updates on this trade idea.
Have a wonderful trading day!
If you want to trade profitably learn more about our analysis and trade ideas for 10 currencies and 5 commodities daily, Check It Out Now