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Steve O'Hare - First 4 Trading
Steve O’Hare, of First4Trading.net, explains in a technical analysis of charts why he is trading gold. This trade idea sees O'Hare setting a long at $1,273/oz with a stop at $1,260. His targets are $1,285, $1,290 and $1,300.
Squawk / 18 October 2016 at 8:29 GMT
Technical Analyst / FuturesTechs
United Kingdom
We've seen a rally in Gold this morning. Time to get excited? I'm afraid not!

We NEED to get above (and stay above!) 1267.6 (Looking at the Dec '16 Futures here BTW) to say a bottom is in. I think this will happen, but we've fallen over shy of here before in recent weeks so we need to be PATIENT!
1y
miros13 miros13
Hello Clive, Gold is above 1267.6 ... Is it time to buy ?
1y
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
It would appear so! The US open is an interesting time to "play" (around 14.00-15.00 CET); maybe buy a dip in the opening rotation?

We need to close above 1267.6 tonight to confirm/add weight.

Upside targets are 1283, 1292 and 1310.
1y
miros13 miros13
Can I ask you to explain me what did you mean by "opening rotation"? :-)
1y
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Of course! All markets have an "open", although in these days of near 24 hour markets its tough to decide when that is sometimes!

US markets are a little easier: Bond markets open at 14.20 CET. Equities open at 15.30 CET. Gold opens around 14.20-14.30 CET and the FIRST HOUR sees buyers and sellers jostling around to find "value", often resulting in a "rotation" higher and/or lower, especially if we open above or below the previous day's range. It's a Market Profile term.
1y
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
So when trade kicks off today in Gold in the "day session" traders will note that we've seen a big move overnight, a move above yesterday's 1265.6 high, and above that key level at 1267.6. We might see some "responsive selling2 back to here to "test" how strong it is, to see if it will now act as support. If buyers turn up here it's "the real deal", and we can get long with a tight-ish stop.
1y
miros13 miros13
Thanks!

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