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O’Hare: Bearish on gold
Steve O’Hare from First 4 Trading is looking to set shorts on the Gold Index as prices hover near a two-and-a-half-week low.
The gold market has been volatile as investor interest wavers. After the market rejected a move higher to USD 1,400, prices saw a retracement back to USD 1,300. A short rally occurred for the safe-haven metal as tensions over Ukraine increased, but didn’t last. Prices quickly fell below USD 1,300, where they remain. The recent correction lower is in line with Steve’s bearish medium-term outlook for gold.
With prices expected to continue to fall, Steve is looking to sell at USD 1,292 with a stop at USD 1,300. He is targeting a move lower towards USD 1,280 and then USD 1,275. If a break occurs below USD 1,275, Steve anticipates prices to fall as low as USD 1,242 and even USD 1200.
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01:12 minutes
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