Video

Kim Cramer Larsson
Areas covered in this webinar by Saxo Bank technical analyst Kim Cramer Larsson include EURUSD, USDJPY, GBPUSD, EURGBP, gold, silver, S&P 500, the Nasdaq, the Dax, the FTSE and the Dow Jones.
Short term
/
Sell
Trade view / 10 July 2017 at 5:28 GMT

XAUUSD shows signs of increasing downside momentum

APAC Sales Trading Desk / Saxo Capital Markets
Singapore
Instrument: XAUUSD
Price target: 1,140.00
Market price: 1,211.50
Background

XAUUSD found resistance just under the 200 day moving average at 1,230 last Friday, July 7.  Moving Average Convergence Divergence (MACD) continues to indicate increasing downside momentum since reaching its recent peak at 1,295 in June 2017.

The close below the 1,220 level completes a bearish double top chart pattern, with a price target of 1,140.

XAUUSD chart
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We initiate a SELL entry stop at 1,195, just below 1,200 support.

Stop loss at 1,220, which is the neckline of the double top chart pattern.

Take profit at 1,140, which is the price target of the double top chart pattern.

Management and risk description

Parameters

Entry: 1,195.

Stop: 1,220.

Target: 1,140

Time horizon: Two to five days.

Inquiries and comments welcome:

  • Tareck Horchani, head, Sales Trading APAC, email: tareck.horchani@markets.saxo, tel:+65 63037651
  • Andrew Bresler, deputy head, Sales Trading APAC, email: ANBR@saxomarkets.com.sg, tel: +65 63037614
  • Kay Van-Petersen, macro strategist, email: KVP@saxomarkets.com.sg, tel: +65 63037622
  • James Kim, sales trader, email: JKI@saxomarkets.com.au, tel: +61 282679009
  • Edmund Liu, sales trader, email: edmund.liu@markets.saxo, tel: +65 63037704
— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
2y
Blange Blange
Question: why are you selling @1195 when the current price is 1211? If you short it from current price you'll have a higher margin of safety
2y
Edmund Liu Edmund Liu
Hi Blange, it is because we only want to sell below 1200, the idea is that if it breaks 1200, it should go lower. On the other hand if it goes higher from here, then the trade idea is off. I hope it clarifies!
2y
Blange Blange
All clear Edmund!

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