Looking for Gold to hit 1155-1060 in a couple of week’s time. Buy here at 1105, stop below 1095. Nice 1/5 Risk/Reward trade.
Posts Tagged ‘buy gold’
Buy Gold. Target 1155-1060
February 18th, 2010
Uptrend is still intact. For how long?
December 20th, 2009For the past month, we have been trading in a tight 30 pts. range in the SPX, while getting a pretty violent reversal in EUR/USD. This is the clear indication, that some sort of pullback is looming in the S&P 500 index. I personally still tend to believe, that there will be one last rise to the 1130-1140 area followed by the sharp reversal in the mid January.
As for the next week, I am looking for longs. The sharp sell off in the EUR is also indicates a high possibility of a rebound. My target on the pair would be ~1.47.
Also GOLD may have also finally found support at 1090-1100 with a strong positive divergence in MACD and a double bottom pattern on a 30-min. chart. This is a pretty safe play, with the target 1150-1160 and a stop loss of 10-15 pts.
Looking to BUY Gold at 1020-1025 area.
October 29th, 2009
Gold is a pretty save bet right now. We have a strong support at 1020, which is a Fibonacci 50% retracement and a strong resistance turned support level. I would suggest accumulating full position in a 1020-1030 price range, using a 10 pt. stop. First price target is 1045.
The trading plan would be as follows:
- Accumulate full position in the 1020-1030 price range.
- Put a 10 pt. stop on full position.
- Use scaling out while taking profits, close 1/3 of your position at 1040-1045, and move a stop to breakeven. Close another 1/3 at 1060-1065 hold the remaining 1/3 for a larger profit.
