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Gold (XAU) Technical Take

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Bryan Stewart
Gold-Trade.jpg

Over the past several months, there has been good support on the pullbacks with the market continuing to put in higher highs and higher lows, with the 2017 high up around $1357/ounce. If this price range continues we could see a small pullback to around $1280/ounce, the next higher low in favour of a bullish continuation towards $1350/ounce or the 2016 high of $1375/ounce.

 

Gold Chart.jpg

Fig. Gold, daily (Source: GT247.com)

Trade: Gold(XAU)

  • Entry Long (Buy): $1284/ounce
  • Stop Loss: $1275/ounce
  • TP1: $1309/ounce
  • TP2: $1333/ounce

 

Support & Resistance Levels:

gold resistance levels.png

 

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