News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Long Gold at Market

Long Gold at Market

James Stanley, Senior Strategist

We’ve been discussing a long Gold setup in our technical analysis pieces with eyes on catching a deeper retracement before triggering the top-side position. In our last article, we looked at RSI divergence showing the potential for a deeper retracement. Price action worked on a support base around the $1,330 level throughout the week, and now Gold has begun to breakout on varying news reports around a coup taking place in Turkey. Given the extreme geopolitical risk being seen of late, the long Gold trade could get some continued top-side run, and we're triggering the position ahead of the weekend close.

The position can be opened at market with stops set to approximately $1,318 in order to get risk levels below the prior price action swing-low. Targets can be set to $1,359.41, followed by $1,375.04, and should Target 2 be met quickly, a tertiary target can be cast towards new highs at the psychological level of $1,400.

Long Gold at Market

Created with Marketscope/Trading Station II; prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES