Trade view /
04 December 2017 at 9:34 GMT
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.
Entry: Sell XAUUSD at $1280
Stop: A break above $1290
Target: $1265 & $1260
Time horizon: Intraday
Chart source: SaxoTraderGO
— Edited by Clare MacCarthy
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