Spot Gold: Outlook Is Mixed
Jason Sen | Aug 06, 2014 03:53AM ET
Gold hit good support at 1287/85 for a buying opportunity, with stops below 1280 and this trade worked perfectly as we bottomed at 1282. Prices immediately rocketed higher towards our selling opportunity at 1295/97 to exit longs and try shorts with stops above 1300. A perfect 10 points profit on the day. Outlook is mixed as we trend sideways and the same trades apply for today.
On a breakout below 1280 however look for a move towards 1277/76 then 1271/70. If prices continue lower this week look for 1267/66 then important key support at 1264/62 for a buying opportunity.
Above 1292 sees another selling opportunity at 1295/97 to exit longs and try shorts with stops above 1300. A break higher is not out of the question however and could then target resistance at 1305/06. Try shorts with stops above 1309. If prices continue higher this week look for a selling opportunity at 1312/13, with stops above 1316.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.