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.
At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.