Gold Still Going Strong as Greenback Weakens

Gold Still Going Strong as Greenback Weakens

By: Ben Myers | YesOption | On:21-10-2014 10:55
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Where To Trade Gold

Daily chart for Gold

 

Gold

Gold continued its uptrend overnight and was able to break above the all-important resistance of $1242. The precious metal was significantly higher in the Asian trading session o due to higher than expected Chinese growth numbers which is seen as a huge overhang for global growth growing forward.

 

Gold in the overnight session outperformed the dollar as it weakened against most major currencies. Gold was additionally supported by the falling equity prices around the globe, which led many traders to unwind the “risk on” trade. Many analysts believe that the growth trajectory in Eurozone nations continues remain under pressure, which is forcing investors to move out of equities and buy gold and bonds as a hedge against slowing global growth. Furthermore, the pickup in physical demand from countries like India is causing prices to further spike.

 

When looking at the daily chart, gold was able to breach above the resistance zone in yesterdays’ trading session. The next level of resistance is at the $1257 level, which is in fact the 100 day moving average for the precious metal. The momentum indicator for gold continues to remain in an uptrend and show no signs of a reversal along with the relative strength index, currently trending in the bullish zone. On the downside, support for the commodity still continues to remain near the $1207 level.

 

Actionable Insight:

Long Gold at current levels with an intermediate target at $1270, with a strict stop loss below $1242

Short Gold if it moves below $1238 with a short term target at $1207, with a strict stop loss above $1247

 

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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