Video

Kim Cramer Larsson
Areas covered in this webinar by Saxo Bank technical analyst Kim Cramer Larsson include EURUSD, USDJPY, GBPUSD, EURGBP, gold, silver, S&P 500, the Nasdaq, the Dax, the FTSE and the Dow Jones.
Day trade
/
Sell
Trade view / 04 December 2017 at 9:34 GMT

Gold rejects top of range and reverts lower

Director / PIA-First Limited
United Kingdom
Instrument: XAUUSD
Price target: 1265
Market price: 1275
Background

The weekly chart remains supported by the 2017 upward trending support and the weekly Ichimoku cloud. Our bias remains bullish on the medium term time-frame with $1250 a crucial level of support that needs to hold to confirm this view. Buying dips has worked recently with the $1260-65 area holding back the bears.

Momentum is neutral on the daily chart as range-bound trade continues. The rejection of the attempt to break above $1300 has led to a sharp move lower and with the Ichimkou cloud resistance above, a mild bearish tone returns. The 50-day moving average sits just below close to horizontal support.

The rejection of Friday's late spike higher adds to the negative short-term tone and we now look to set shorts to retest the recent support.

Parameters

Entry: Sell XAUUSD at $1280

Stop: A break above $1290

Target: $1265 & $1260

Time horizon: Intraday

Charts:

g1
 
g2
 
g3
 
Chart source: SaxoTraderGO

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
2y
Morris Morris
Your chart look more Horizontally stretched!
2y
Andrew Perkins Andrew Perkins
Gm Steve
2y
usxau usxau
Hi Steve! Nice call on Silver last week! ;)
2y
siro siro
hello dear steve i think it will goes up and test 1288 again...i have got a nice macd and slow stochastic divergence for this idea
2y
Anton Bushin Anton Bushin
Hi Steve, is this idea still valid?
2y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi Anton, yes this is still valid. This morning we are looking to sell at 1282 (stop at 1290) on our intraday model also!
2y
Anton Bushin Anton Bushin
Steve, thank you. Great call. The start was earlier than expected). Do you see longs on the level 1260-1265?
2y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Yes i see some longs here but with a very tight stop. Downside momentum could easily lead to a quick move lower. I think there will be some smash and grab if $1260 breaks!
2y
Ziddi Ziddi
Steve, Nice call just want to know what's the maximum Lower price we can expect before bouncing to up side ?Waiting for Answer
2y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
$1250 is a key level for me. Medium term basis still would look to maintain longs above this level and use as a hard stop. As mentioned short term i can see opportunists jumping on the quick move if $1260 breaks.
2y
Ziddi Ziddi
Now Buying can afford and buying any dips till 1250 ?
2y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Yes for a medium term outlook to target a move back to 1295/1300
2y
Ziddi Ziddi
You mean to say that Mr.Steve 1250 is non beak able key as you can see..And we can hold our Buy with target of 1295/1300 am i right.
2y
Ziddi Ziddi
Thank you Steve,
2y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
If 1250 breaks then i would expect a further drive lower - it is not a non-breakable level! Thanks
2y
Олег Комбаев Олег Комбаев
Thanks Steve.
2y
Ziddi Ziddi
Thanks,,))
2y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Price action has broken $1260 and so paves the way for a move to $1250. A break here could see losses towards the $1200-1210.
2y
TradingCent TradingCent
Thanks Steve But
now What Point to SELL ?

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