Technical Trade Note on $GOLD [XAU]
We have seen the price of Gold (XAU) move lower over the last two months. The price is currently trading lower within a descending channel and I am looking for a target price of $ 1285/ ounce where the price found support over the last couple of trading sessions.
Take Note: we need a close above the $ 1307/ ounce price level to negate the move lower on Gold.
Trade: Gold (XAU)
- Entry (Sell): $ 1296/ ounce
- Stop loss: $ 1307/ ounce
- Target price 1: $ 1285/ ounce
Source: Bloomberg
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