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Technical trade note GOLD [XAU] - 29 May 2018

29 May 2018 / JSE Market Updates / Research Notes Posted by: Barry Dumas
Gold-technical-trade-note

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

 Screen Shot 2018-05-29 at 08.46.50

Source: Bloomberg

 

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