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Technical trade GOLD (XAU) - 6 July 2018


Trade idea on Gold (XAU)

We have seen a selloff in Gold (XAU) over the month of June and it looks like the buyers are returning to the commodities space.

Take note: With it being Jobs Friday and all, I will be looking to buy Gold (XAU) if we see a close above the $1264 ounce price level.

Outlook: With international tensions on the increase we might see a flight to safety from investors and the value of Gold should increase.

Read what to expect with the NFP results today HERE

Full trade summary and chart below:

Trade: Gold (XAU)

  • Entry (Buy): $ 1264/ ounce
  • Stop loss: $ 1247/ ounce
  • Target price: $ 1285/ ounce

Screen Shot 2018-07-06 at 08.55.00

Source: Bloomberg

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