Oil has hit a 15-month high on the back of optimism over the Opec deal which needs to be sorted out by November 30. But, with a record long position building across the combined benchmarks, a disappointment could leave some exposed. Full report to come within the hour....
Medium term
Trade view / 23 September 2016 at 7:45 GMT

All time frames highlight higher levels for gold

Analyst / PIA First
United Kingdom

USD Index: Holding within the bullish Ascending Triangle formation. This has resulted in the medium-term bias remaining bullish but intraday trading is most likely to be mixed and volatile and a retest of trend support (at 94.75) is probable. 

USd Index
Source: Saxo Bank

Going to look at gold (XAUUSD)

Monthly: Holding within an Expanding Wedge formation that has an eventual bias to break to the upside. Posted a Morning Star formation from November 2015 to January 2016. For the last three months we have failed to break the trend of lower highs. However, the bias remains bullish on a break.

Source: Saxo Bank 

Weekly: The commodity broke through trend line resistance at 1,303 on June 20 and, although we had a potential reversal candle on the week of July 11 (Bearish Outside Bar), the move lower has been mixed and volatile (corrective) while failing to break through, what was resistance, now becomes support. 
 Source: Saxo Bank

Daily: This timeframe highlights gold in a corrective channel or bullish Ending Wedge. With Wednesday's price action posting a bullish Outside Day, there should be limited downside. Yesterday did post a Doji style candle so we would look to buy dips. The Marabuzo level from September 21 is seen at 1,324. Bespoke support is at 1,326. 

Gold D
Source: Saxo Bank 


On a move through trendline resistance at 1,346 stop can be placed at entry


Stop: 1,295 (below the wedge)

Target: 1,375 (wedge target) 1,392 (previous high Mar 2014)

Time horizon: medium-term

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail