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

Rangebound gold slips lower

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

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.


Entry: Sell XAUUSD at current levels

Stop: A break back above $1,330

Target: $1,310 and $1,305

Time horizon: Intraday


Weekly chart showing bullish flag
 Chart source:

Descending triangle pressures daily chart
 Chart source:

Support at lower levels
 Chart source:

Support broken
Chart source:

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
rananb rananb
Mr Steve plz any updates for silver now? Thank u
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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