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FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
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STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
Facts:
- GOLD price bounced off the resistance at 4426
- Main trend from the end of August remains downward
Recommendation: Trade: Short position on GOLD at market price Target: 4316, 4288 Stop: 4450
Opinion: The gold market has been trading in a downward move recently. Looking at the technical situation, one can see that the precious metal bounced off the key resistance at $4426. This resistance is a result of previous price reactions, as well as the upper limit of 1:1 structure. According to the Overbalance strategy, as long as the price sits below $4426, one should expect the price to continue to fall. In addition the price sits below the 100-period moving average from H1 interval. We recommend going short GOLD at market price with two targets: 4316 and 4288. We recommend placing a stop loss order at 4450.
Source: xStation5
