27/10/2017

Gold Dec 17

Yesterday close: 1267.6

Gold trading at 1 month low as dollar gains versus Euro after ECB extended its bond purchases. An impending decisions on the next US Federal Reserve’s next chair could be an important driver for the metal price.

Based on the hourly chart, gold price breakout had failed to sustain the breakout formation “falling wedge” last night, and made lower low and move out from the range. RSI confirm the selling momentum by making new low. The price resume down trend.

Price level to watch out today:

Resistance 1271.5 1275.2

Support 1265.4 or lower

Recommended Trading Plan Today:

1.       Sell at lower low 1265.3, stop 1271.6, exit at 1259

2.       Not Recommend to Buy if price trade below 1284

Margin Requirement (per lot)

USD 5390

Micro: USD 539

Disclaimer: Idea for sharing purpose, trade at your own risk.