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My medium term gold position explained
Steve O’Hare from First 4 Trading, is looking to sell spot gold around $1370-$1380 per ounce; his decision comes following a stall in prices on Monday, which he says “offers fantastic risk/reward”
He says that the extension higher has stalled at the years’ downward trending resistance which also interjects with the April/June broken uptrend line.
Steve warns that the risk to this trade is if the correction rally regains momentum and continues above the stronger resistance and horizontal level of 1425.
As a result, Steve is looking to sell spot gold between 1370-1380 USD/oz and his targets are 1305, 1275 & 1230 USD/oz.
00:46 minutes
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