23/3/2018

Gold Apr 18

Previous Close: 1349.9 +22.5

Gold holds at five-week high as investors weigh comments from U.S. Treasury Secretary Steven Mnuchin on the trade war building with China that last week helped boost bullion. Gold, the investors shelter rise drastically since presidents Donald Trump imposed tariff on China goods import, and the harsh reply from China.

Gold has raised $40 from 1306 in 3 trading days. The current price at 1 month high with “triangle” breakout pattern. The next resistance at previous 2 highs 1365. As long as uncertainty in the market (VIX stand at 25), cautious and fear remain, gold likely to trend higher in the short term. Meantime, Dollar index trading at 1 month low.

 Trader may start trading Jun contract which first notice day for Apr at 29 Mar.

*Classic Support & Resistance*

Resistance: 1342.9 1363

Support: 1345.5 1338

*Recommend Trading Plan for the day:*

1. Buy Stop 1351.3, stop 1349.3, Profit target 1353.3/1355.3

2. Avoid taking short position if price above 1345.

*Margin Requirement (per lot)*

USD 3410

Micro: USD 341

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