Trade of the Day – Gold – Mild correction to be sold into

Gold (Spot) – Intraday – We look to Sell at 1286 (stop at 1293)

A 5 wave bullish count has been completed at 1346. A possible AB=CD formation looks to target 1259. 4 negative daily performances in succession. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. There is no clear indication that the downward move is coming to an end. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1286, resulting in improved risk/reward.

Our profit targets will be 1275 and 1260

Resistance: 1286 / 1294 / 1308
Support: 1275 / 1259 / 1253

 

The post Trade of the Day – Gold – Mild correction to be sold into appeared first on Orbex Forex Trading Blog.