Trading plan for Gold for February 10, 2017
February 10, 2017 12:31 pmVideo
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Technical outlook:
A 4H chart view has been presented here to understand the wave structure since December 15, 2016. The yellow metal has formed a meaningful bottom at $1,122.00 level around December 15, 2016, and since then has rallied through $1,245.00 level making a series of higher highs and higher lows as seen here. According to the most probable wave counts, the metal might has completed an impulse (5 waves) at $1,218, labelled as wave 1 here. Furthermore an a-b-c expanded flat was terminated at $1,180 level, labelled as wave 2. The metal looks to have also completed the first leg of wave 3 at $1,245.00 level, labelled as wave 1. If this wave count holds to be true, a 3 wave corrective drop should be followed now, which can terminate around $1,205.00 level, which is labelled as Buy1 here. As an alternative count, it is possible that the metal can retrace the entire rally between $1,122.00 through $1,245.00 and find support at $1,170 level, which is labelled as Buy2 here. Immediate support is seen at $1,205.00, followed by $1,180.00 level, while interim resistance is at $1,245.00 level.
Trading plan:
The intermediary trend looks to be down in a corrective manner. Hence buying on dips remains a favored trade plan and strategy going forward. Aggressive traders might want to trade counter trend by selling around $1,230.00/35.00 levels with stop at $1,248.00 and targeting $1,205.00 level. A conservative strategy is:
Remain flat for now, buy at $1,205 and also add further at $1,170.00, stop at $1,122.00, targeting $1,375 plus.
Fundamental outlook:
Gold should remain under pressure in the short term due to the US Dollar strength also tax cut hopes may bring it lower, in line with the above Technical expectations. News to be watched out today should be Canadian Unemployment Rate (6.9%) at 08:30 AM EST and Michigan Confidence at 10:00 AM EST.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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