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Trade idea: Long gold on positive US data
Anton Hughes, co-Founder of Magick, is looking to long gold following strong jobs figures out of the US. He also says the commodity hasn't been hit by all the tapering talks, suggesting it's a strong trade.
New data showed that US jobless claims held near a six-year low and that US manufacturing activity rose, suggesting the economy is starting to get back on its feet.
His decision is also based on strong manufacturing numbers out of China. China's Purchasing Managers' Index (PMI) showed that efforts by officials of the world's second-largest economy to halt a slide in growth might be paying off.
On the technical side, Anton says there has been a strong gold line forming at $1385. As a result, he is looking to take a profit at $1417 and is using the parabolic star for a stop loss.
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