COMEX Gold Update

[Gold Futures] - Triangle Formation awaiting Breakout

InvestorsDoctor
Publish date: Tue, 09 Jan 2018, 03:18 PM
InvestorsDoctor
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Following Message
9/1/2018
 
Gold Feb 18
 
Previous close: 1320.4 -1.9
 
 
Gold edged down on yesterday, retreating further from last week's  high as USD rebounded against Euro and as traders bet on further increases to US interest rates after last week's payrolls data.
 
Daily chart show gold enters RSI overbought correction but remain in rebound stage. Hourly chart formed a triangle pattern waiting for a breakout. Hourly chart's RSI & MACD crossing down, signaled that gold may test for further correction.
 
Price level to watch out today:
Resistance 1321.8 1327.3
Support 1314.6 1307.1
 
Recommended Trading Plan Today:
1. Buy 1320.4, stop 1318.9, profit 1.5 or above.
2. Sell 1318.9, stop 1320.4, profit 1.5 or above
 
Margin Requirement (per lot)
USD 4400 
Micro: USD 440
 
Disclaimer: Idea for sharing purpose, trade at your own risk.
 
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