Trade: SELLING Gold
Entry: @ $1205
Target: $1145 (a retest of a series of key lows throughout November)
Stop: $1225 (a move above yesterday’s resistance high at $1221)
Reason: The volatility rally has run out of steam near term and a retracement looks to be building, the longer term outlook remains negative.
Trading Update on previous trades:
I am still running my EUR/USD short trade (26/11/2014). Despite yesterday’s rebound the trade is still fine and I am happy to stay short. A breach of $1.2418 support would re-open the downside. I am currently 89 pips in profit. My target remains a test of the $1.2357 low. Move stop to $1.2510.
I am short of FTSE 100 (28/11/2014) which has been hit significantly today by the sharp rally. If the FTSE 100 breaks out above 6773 then the upside will be re-opened. I am currently 33 points off side and if today’s rally continues for much longer I will be stopped out at 6755.