Gold Signal
Risk 0.5%
Trade can be taken anytime during the day
Long Trade 1
• buy gold at $1269
• stop loss at $1260
• once the market reaches $1275, stop loss should be moved to break even.
• Take profit at $1300
No short trades
Gold Analysis
Gold markets have fallen rather significantly over the last couple of weeks, but in the most recent trading, we have seen a bit of stabilization. With the European Central Bank stating that they are not looking to even discuss tapering off of quantitative easing until after the December data comes out, it’s likely that there will be an argument to be made for having precious metals in your portfolio. The hammer of course is very bullish, and once we break above the top of the hammer from the Friday session, I think that we will then attack the top of the range for Thursday. A break above there could very well have this market looking for the next major resistance barrier in the form of the $1300 level. There is far too much noise just below to consider selling at this point.
There are no major announcements today that should affect the gold markets