The idea is based on professional risk management tools from Bloomberg. Gold price shows some bullish bias after 23.6% Fibonacci correction level formed solid support at 1231.49 against the price recent negative attempts, hinting the attempts to return to the bullish trend, but we notice that stochastic loses its positive momentum clearly, while the EMA50 forms negative pressure against the price.Gold fell to its lowest level in more than a week on Tuesday as reduced concerns over North Korea and the minimal impact of Hurricane Irma drove investors into equities. A steady dollar and firm Treasury yields also made gold a less-attractive investment.The best scenario for gold bulls will be lower Treasury yields and a drop in stock prices.
Of course, North Korea remains a wildcard, but right now it seems risks are subsiding.
My idea is to Long Gold at the current price or at 1325-1321. SL 1310 TP 1350 -1370.
Of course, North Korea remains a wildcard, but right now it seems risks are subsiding.
My idea is to Long Gold at the current price or at 1325-1321. SL 1310 TP 1350 -1370.