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O'Hare: Going for Gold
Steve O’Hare from first 4 trading is looking at Gold. Steve notes that the short term price action in Gold has recovered from last week’s break of support around the 1300 – 1305 level.
Steve explains that the buying interest in front of 1285 has resulted in a move back above the psychological 1300 level. This has formed a bullish flag on the short-term chart with a bias to break to the upside.
The downward trending resistance from July highs has been broken and furthermore, the daily Ichimoku cloud acts as a supportive structure and offers further confidence for buyers.
Steve is looking to set longs 1300-1305 and is targeting a 161.8% Fibonacci extension near 1322-25. Further gains would target 1340 with an ideal stop placement below 1285.
01:07 minutes
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