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Sell Gold Futures
In the last 24 hours we saw a big sell off in Gold Futures, which came hard on the heels of a “Shooting Star” candlestick reversal pattern on Monday. We were already prepared for this sort of move, then. The question now is whether we can continue with this weakness, or if this presents a buying opportunity? We think the former; that all the time Gold Futures stay below 937.50 there is scope for a move to 887.6, which is a Fibonacci retracement level/target. So we would Sell Gold Futures around 920-25 with a stop at 940, and a target of 888. Our skew changes if we get back above 937.50-940, so we would urge you to respect the stop! Clive Lambert is director of FuturesTechs which writes daily analysis on 25 Financial and Commodity Futures contracts. A free trial can be requested at www.futurestechs.co.uk |
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