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Steve O'Hare: Gold glitters in dull markets
Tricky markets this week but Steve O’Hare from First 4 Trading has been looking at Gold and hoping to trade a break above $1310.
Steve says that the rally from the start of the year, leading to a St.Patrick's Day high at $1392, has now re-traced almost 61.8%. A Fibonacci retracement at $1275.
“Support has been noted and a reaction rally from here has seen prices move above the $1300 level, where we now trade. Price action looks to have formed a temporary base but we would only look to set longs on a break of 1310.” Says Steve O’Hare.
Steve suggests trading a break of $1310 with a 25 tick stop. Profit targets are $1350 & $1390.
01:25 minutes
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