Day trade
Trade view / 28 September 2016 at 8:54 GMT

Rangebound gold slips lower

Director / PIA First
United Kingdom
Background

Markets continue to gyrate between a risk-on/risk-off approach and with the added influence of its dollar denomination, XAUUSD is no exception.

Our long-term outlook remains positive with the weekly chart highlighting the presence of a bullish flag formation, with an expectation of a break higher. This may take a while to play out and can accept a move to well below the $1,300 support (even $1,280) without being impacted.

The recent rejection from resistance at $1,242 looks to be gathering pace and momentum should result in a test of the support above $1,300. This highlights a fair risk/reward opportunity for today.

Management and risk description

Once prices reach the first target, move the stop to entry and look for the second target.

Parameters

Entry: Sell XAUUSD at current levels

Stop: A break back above $1,330

Target: $1,310 and $1,305

Time horizon: Intraday

Charts: 

Weekly chart showing bullish flag
bf
 Chart source: Tradingviews.com


Descending triangle pressures daily chart
dt
 Chart source: Tradingviews.com

Support at lower levels
sl
 Chart source: Tradingviews.com

Support broken
sb
Chart source: Tradingviews.com

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
04 October
rananb rananb
Mr Steve plz any updates for silver now? Thank u
04 October
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Yes, silver has broken the 19.00 support and we are looking to set shorts in front of here targeting 18.70 initially

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