Medium term
/
Buy
Trade view / 13 February 2018 at 11:15 GMT

Gold back to its recent highs...and beyond?

Technical Analyst / FuturesTechs
United Kingdom
Price target: 1365
Market price: 1332
Background

Gold has big resistance at 1365-90. We know that. It's been pretty well flagged by yours truly on here. We got up to here a few weeks back and failed again.

We appear to have bottomed for this pullback though, during last week's turmoil in the markets! We got down to 1308, which has been a pivotal level in the last few months. We also had a Fibonacci support at 1317 and although we did see dips through here they were always followed by swift recoveries.

So I want to be long, as it looks like we're going to head back to 1365.

As you can see from our monthly chart a move above 1365-90 would give a BIG buy signal so I would want to hold on to some longs if/when this breaks as we can set "bigger pciture" targets at 1484, maybe even 1588, although these would take a while to reach!

Management and risk description

We are risking $10 to make $37 even if we only hit the first target. When we get above 1350 we will move the stop to entry.

Parameters

Entry: Buy at 1332 and a dip to 1324

Stop: Below 1318

Targets: 1365 for a short-term trade. See above for bigger picture targets for a longer-term trade.

Time horizon: 2 weeks to reach 1365.

Chart 1: Daily Candlestick
Gold Daily
 
Chart 2: Monthly Candlestick
Gold Monthly
 All charts from CQG



— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
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14 February
alki alki
That was a good one Clive... up to now! Do you see any change in fundamentals after the bizzare US market data?
14 February
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
No, happy with the trade and moving the stop to entry now.
14 February
iruman3 iruman3
sir whats will gold next?its move down ??
15 February
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
We should hold 1347-50 on dips now. Heading to 1365!
16 February
Morten Olby Morten Olby
Are you short gold now Clive when it hit 1365?
16 February
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
No. covered some of the long, but still want to hold on to some. If and when 1365-90 gets seen off we will fly higher... and this is my favoured skew....
16 February
Morten Olby Morten Olby
Great scenario Clive, I will try to get long too. Think it might go to lower 1350s before it turns around and then I will be on board :-). Have a great weekend when you get
16 February
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Yep. 1352 and 1340-42 are the strong supports now.
16 February
Morten Olby Morten Olby
Thanks, Clive! Valuable information!

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