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
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