Gold remains bullish in my eyes! The current consolidation comprises of a narrow...

Video

From the Floor: Equities take flight on strong corporate earnings

Global equities are on a roll thanks to a slew of robust US corporate earnings which has been followed by a clutch of as-expected or outperforming reports from several European heavyweights.

Squawk / 18 August 2016 at 10:47 GMT

Steve O'Hare - First 4 Trading

Director / PIA-First Limited

United Kingdom

Gold remains bullish in my eyes! The current consolidation comprises of a narrowing triangle formation which looks set to break. In line with the trend, i believe the break will be upwards. This would be consistent with an equity sell-off of sorts after the summer break.
There are a couple of key supports that need to hold at $1330 & $1310 and stops would need to be placed below $1275 with a break of $1250 highlighting a bigger reversal.
A break above the triangle (and 1392 resistance) will confirm a break of the long term downward trending resistance and should initially target $1430 (triangle measured move & previous swing high). More medium term targets remain the fibonacci retracements ($1483 & $1587) with the 2011 triple support at $1525 in between.

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor.com 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 Tradingfloor.com 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 Tradingfloor.com 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 Tradingfloor.com or as a result of the use of the Tradingfloor.com. 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 Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com 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
- 沪ICP备13028953号-1