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Video / 16 November 2017 at 7:54 GMT

Why I'm looking to buy gold: O'Hare

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.

O'Hare’s technical analysis of a selected trade is featured every Thursday on Trading Floor.

16 November
Morris Morris
not clear cut buy!
16 November
Andrew Perkins Andrew Perkins
GM Steve top man nice to meet you yesterday and look forward to meet again
17 November
Morris Morris
Your take on USD index?
17 November
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Good morning all! Morris yes not a clear cut buy but backed by medium term support and risk events still in play so happy to buy dips. USD index chart below for reference. Reverse H & S formation dominates but looks to be failing. Bullish hammer posted on 15th positive, however, overnight pressure is evident. Below the neckline (94.15) short term targets 93.00 & 92.60. Above neckline targets are 95.00 and 96.20. Good luck!
17 November
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi Andrew - likewise really nice to meet you!
17 November
SHASHANK SHEKHAR SHASHANK SHEKHAR
1st tgt hit thanks steve
17 November
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Glad to assist my friend!
17 November
Morris Morris
Steve! Could the current move in Usd be supporting your position in Gold one way or the other?
18 November
Ziddi Ziddi
Great Call mr. you 2 targets got Hit and as per 4h chart now gold is overbought level. can it go up more before falling down upto 1290 ?
18 November
SHASHANK SHEKHAR SHASHANK SHEKHAR
Dear steve
Nice call almost hit all targets now it is at $1293 hoping to get the last target. Pls update your views.
20 November
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi Morris - Yes normally there is an inverse correlation between dollar & gold. When dollar loses value, investors look for an alternative investment source like gold. However, there are some instances when both can rally together like in times of crisis in other regions.
20 November
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi Ziddi, glad to assist! Our intraday model is looking to buy dips in gold close to $1280.
20 November
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi Shashank, thanks. As above our intraday model is looking to continue with the dip buying approach. A clear break of $1305 should lead to an accelerated move higher.
20 November
Ziddi Ziddi
Thanks Steve, For now also i trying to Get it same...
21 November
Ziddi Ziddi
Hi Steve, As you told that buy level at 1280 and i bought at the same level Can you just explain that will save to us as you see now Gold market moving..
21 November
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Yesterdays intraday idea was stopped at $1275. Medium term we are buying dips. Intraday selling rallies.
21 November
SHASHANK SHEKHAR SHASHANK SHEKHAR
Dear Steve, I have reduced the position at $1295 on the day when it hit your targets and now created the fresh long position at $1281 for medium & long term for the target of $1300 & $1350 is your buying idea is still valid or should reduce the position.
21 November
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
All depends on what time-frame you prefer to trade and this in turn is reflected in risk/ward. 2 Key levels are 1265 & 1295 and i would trade this range (so buy dips in front of 1265 and sell rallies in front of 1295) with a view to maintaining a small long for the break higher. I hope this helps!
21 November
SHASHANK SHEKHAR SHASHANK SHEKHAR
Thanks for your support Steve
22 November
Ziddi Ziddi
Yes Helpful Info Mr.Steve Thank you.
23 November
Ziddi Ziddi
Hi Mr. Steve,
As you told me that buy at dips near 1265 and sell near rising near 1295 i followed buy near dips and got Hit TP at 1293 and now just want to know that for now can we sell here near 1295 it will came back down or not..Thank you

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