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Gold: the move lower has "started"
Trader, Steve O'Hare from First4Trading is focusing on selling spot gold this Tuesday. He says it's increasingly under pressure and short term indicators and medium term signals are turning negative.The metal remained near its lowest in two weeks as stronger economic data from the United States and Britain dented its safe-haven appeal.
O’hare thinks the reaction higher from the June sell-off, when prices traded from around $1420 to a low of $1180, has struggled to hold above the 61.8% Fibonacci retracement level and, since posting a high just under $1350, has conformed to the downward trending resistance line.Here, Steve outlines his trading strategy and explains his reasons.
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00:54 minutes
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