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    Risk on, stocks up and gold down


    Gold, Daily

    Gold prices have come off (-0.88%) as money has flowed into equities and markets are in a risk on mode. German Dax is up by 1.49% together with Eurostoxx 50 rising by 1.5%. Elsewhere, Indian CNX Nifty index is up by over 1.7% at the time of writing. The price of gold created a bearish doji candle in the weekly chart last week. In the daily time frame price has created a lower high. Both of these technical factors suggest weakness in the price of gold and increase chances of price moving lower in the coming days. Also, Stochastic oscillator (daily) is pointing lower.

    There was a minor support at 1270 – 1272 that gold has now broken. We could see gold move all the way down to between 0.5 and 0.618 Fibonacci retracement levels where the 30 and 50 period moving averages currently reside. Should gold move to these levels, it’d be near the rising channel low and fairly oversold. I am therefore looking for long entry signals inside my buy area at 1243.80 – 1255.50 range with Target 1 at 1265.50 – 1276 and Target 2 at 1281.80 – 1291.40.

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    Janne Muta

    Chief Market Analyst


    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information presented here.

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