Gold buyers set to return?


Background

Gold has spent a week or so retracing since topping at $1,297.4/oz on April 17. Yesterday was a good day for the bears as we saw selling from $1,279.9 to $1,262.8, posting a red candle with Marabuzo resistance at $1,271.7, which is also an intra-day reference.

We have $1,261.1 and $1,256.6/oz cited as important supports, so we expect to see buyers returning sometime soon as long as these levels hold.

Management and risk description

Our stop is set below $1,249 to start with but once we retake $1,278/oz we’ll move to entry or better.

Parameters

Entry: Buy at market ($1,266/oz currently), and a dip to $1,262, and a break above $1,272

Stop: Initially below $1,249/oz

Targets: $1,295, $1,320 and $1,338/oz

Time horizon: 1-2 weeks for the first target, 2-4 weeks for the other two

 

— Edited by John Acher

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Gold buyers set to return?

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