Gold trade idea
|Technical
Monthly: Potential reverse head & shoulders as prices trade within the monthly ichimoku cloud. A clear break of $1370 is required to confirm the formation. $1300 key support has been breached although losses have been limited.
Weekly: A possiblemedium term AB=CD formation has a measured move target of $1450. 2017/18 trend supporthas been re-tested and has held so far with the low limited to $1282. Weekly Ichimoku cloud provides additional support along with the 61.8% Fibonacci retracement.
Daily: The $1300 level remains very much in focus. Dips continue to attract buyers and the 61.8% Fibonacci retracement level has held firm. A short -term downward trending resistance has broken with sideways price action. Looks to be forming a bottom.
Action: We look to Buyat current levels and on a dip to $1285
Stop: A break below $1265
Targets: $1340 & $1365
Article produced by Pia First for Orbex Limited
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