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.
Barry Dumas | Trading Specialist at GT247.com
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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