Daily Chart for Gold
Gold continued its strong uptrend in this morning’s session as most Asian markets witnessed a sell-off in the equities markets on Friday, which occurred due to a breakdown in the Dow Jones. Gold rose because the USD fell, causing traders to look for a safe haven.
Officials from the PBOC warned that growth in Chinese economy is gradually slowing down. This understandably is a tremendous blow to investors. Additionally, comments from Fed Vice Chairman Stanley Fisher increased investors demand for gold when he stated that the Interest rates will not rise due to a decline in global growth China and India are increasing the gold purchases which traders see as very beneficial.
Gold has breached the resistance zone at $1217 which is tremendously positive. The next level of resistance for gold comes in at $1260, which is the 100 day moving average for the precious metal. The support level continues to remain near the $1207. The momentum indicator has is clearly pointing up, indicating buy. The relative strength index is showing signs of inherent strength which is a huge positive for the precious metal in the near term.
Long Gold at current levels with a short-term target at $1260 with a stop loss below $1207
Short Gold if it goes below $1207 with a short-term target at $1180 with a stop loss at $122
Success = few pips, thousand times
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