FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Gold weekly chart, February 12, 2018
goldWEEK

Gold markets have rolled over during the week, initially trying to break out above the $1350 level, but found that area to be far too resistive to continue. By doing so, we break down below the $1325 level, reaching down towards the $1300 level. I believe that the $1300 level is the next support level, but there’s probably even more support closer to the $1275 level. If you squint, it doesn’t take much to imagine an uptrend in channel. I believe that the market will eventually find buyers, but it may be a little bit lower. Gold has been grinding, and that’s the biggest thing you need to keep in mind. It hasn’t been exploding to the upside, so at this point I think that we would anticipate more of the same, a gentle grind to the upside.

Advertisement
Know where Gold is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

With this in mind, I believe that the market should give us an opportunity to pick up a little bit of value here, with the patient trader being able to take advantage of what has been reliable price action. If we were to break down below the $1250 level, then we could drop pretty significantly. Until we do that, I look at it as a “buy the dips” type of mentality that remains, but I also recognize that low leverage is probably the best way to approach gold, as we have a lot of work to do to break out to a fresh, new high.

Gold Price Video 12.02.18

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker