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GOLD Trading Idea

Posted on Apr 7th, 2016

by colibritrader

Dear GOLD Trading Signal Traders

The trading signal from yesterday is not really acting as expected so far. It still has not hit its stop-loss, but the price action on the daily time frame does not look very promising. We did not have a bullish confirmation and I have cut half of my position. I am still letting the other half run.

The trading signal from today is coming from GOLD. I am looking to go long. My reasoning behind this trading idea is pretty obvious according to price action. Gold has solidified just above the support level at 1215 and after a few bearish rejections, now is even showing stronger bullishness. The candlestick pattern from today is a bullish engulfing, which is giving another reason for the bulls to to flock to GOLD. I will be looking to go long after a small correction to 1237. My stop loss would be placed just under 1214. My first price target is the level of 1280. Depending on price action, we might see the beginning of a new major trend, but it really depends whether a breakout of this level would ensue.

Happy Trading,

Colibri Trader

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