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Video / 07 December 2017 at 7:51 GMT

Why I’m selling 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 (XAUUSD).

This trade idea sees O'Hare selling at current levels. His stop is at 1,280 and his target is 1,210.

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


1y
Morten Olby Morten Olby
Very interesting trade Steve. 1210 would provide the Xmas holiday in a really nice place :-) What entry level would you think is optimal
1y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Lol! Risk/reward is good at current levels, however, $1265 would be better. The stop at $1280 and target of $1210, would result in over 4:1 r/r ratio.
1y
Andrew Perkins Andrew Perkins
GM Steve , as its you this is my 1st time trading this pair im in and looking for 1210
1y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Excellent! No pressure then.....
1y
Andrew Perkins Andrew Perkins
I know where you are LOL
1y
Morten Olby Morten Olby
Thanks Steve for your swift response, will wait for a small rebound to 1265 and then move in.
1y
Ziddi Ziddi
Thanks Steve,,
1y
jcsousa jcsousa
Thanks Steve.
1y
sedacaykara sedacaykara
do you see a rebound to 1275 possible before breaking lower?
1y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Prices remain under pressure - i think downside momentum will accelerate if $1250 breaks. Cannot see a bounce any time soon.
1y
Andrew Perkins Andrew Perkins
Pressure building Lol
1y
MSN28 MSN28
Steve, how do you think tomorrow's possible government shutdown in US may affect gold and this idea?
1y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi MSN28, obviously Gold can be affected positively by safe-haven flows and such an event could impact this idea, as it has done historically.
1y
MSN28 MSN28
Thanks Steve. That was my understanding as well.
1y
Daniel CN Daniel CN
As you have been perfectly right, thanks for the call, I would like to know if you have a longer term perspective on the metal also?
1y
Ziddi Ziddi
As you said good entry for Sell is 1265 now can it go to 1265 for triggered over Sell limit at 1265 or not..Maybe you tell me can we Sell now or wait for some rising ?
1y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi Daniel, i remain long-term bullish on Gold. A break below $1200 would make me re-think.
Hi Ziddi, sorry i can't give you personal advice - just a general trade idea on my thoughts.
1y
Andrew Perkins Andrew Perkins
HI Steve Trade still looking good for 1210 ??
1y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Yes, medium term would be looking at this as a target!
1y
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Happy with price action so far.
1y
Andrew Perkins Andrew Perkins
Thanks Steve
14 December
Andrew Perkins Andrew Perkins
GDay Steve been moving my stop with this trade but got stopped out after the FOC meeting nice small proft taken .would you see the 1210 back in play or off the radar for now
14 December
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Morning Andrew, this looks like a natural correction so may see more upside before bearish move continues

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