GT247.com Trading Blog

Gold - Look to buy then sell short higher up

Written by Colin Abrams | 28 Sep 2017

 

Gold Trade Note

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Recommendation: LOOK TO BUY/THEN SELL SHORT HIGHER UP

Current Trend: Short-term down, but oversold. Med-term up.

Strategy: Go long a close above line 3. Then sell short from $1325 level.

 (Daily)

  • The dollar gold price has sold off over the past three weeks, and is getting ready for a short-term relief rally. Thereafter I'm expecting another leg down.
  • Its short-term Stochastic is oversold, with a positive divergence, warning of a rally to come.
  • Traders buy it on a close above line 3. (Line 3 is at $1305 on Fri 29th and it’s declining by $3.00 per trading day thereafter). More aggressive traders can buy on a close above line/s 2 ($1298.00).
  • Look for a rally to $1318 initially to take half profits. Take the rest at $1325. A reversal down from there will be shortable for a drop to $1260.


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