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Gold (XAU) - Hits first take profit

8 September 2017 / Technical Takes Posted by: Barry Dumas
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IN THE MONEY - UPDATE ON GOLD (XAU) 08/09/2017

Gold is in the money and my first target price of $ 1352/ ounce has been reached. This is a great opportunity to take some profits if you haven’t done so already.

NOTE:

  • I will also be moving my stop locking in profit at a price level of $ 1325/ ounce.
  • Next level to break for a move higher will be $ 1360/ ounce.

UPDATED TRADE: GOLD (XAU)

  • ENTRY Long (Buy): $1316/ ounce
  • STOP: $1325/ ounce
  • TARGET PRICE 1: $1352/ ounce - Reached
  • TARGET PRICE 2: $1390/ ounce

 

 

29/08/2017

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Source: Bloomberg

Technical take on Gold (XAU)

Due to international political uncertainty, we have seen Gold break through the $1300/ ounce level as of yesterday, 28/08/2017. Today there have been reports of North Korea firing a missile over Japan which I would suspect will see the flight to safety escalate and the gold price increase.

Just take note that the price might retrace back to the $1300/ounce level, to find support and move higher from there.

Trade: Gold (XAU)

  • ENTRY Long (Buy): $1316/ ounce
  • STOP: $1274/ ounce
  • TARGET PRICE 1: $1352/ ounce
  • TARGET PRICE 2: $1390/ ounce

Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.

Chart Sources - Bloomberg

Read more notes by Barry HERE.

 
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Barry Dumas | Trading Specialist at GT247.com
 

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