Update on Gold (XAU) 12/09/2017 - Chart Above
Gold has been moving lower since reaching my first target price of $1352/ ounce and started to move lower from there. The Gold price has been edging lower and finally reached my revised stop loss level at $1325/ ounce on 12/09/2017. The $1325/ ounce level is quite a significant level and Gold has been consolidating around this level.
Chart Source Bloomberg
Previous Update 08/09/2017 below:
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
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
Read more notes by Barry HERE.
