{"id":3132,"date":"2017-02-16T12:45:26","date_gmt":"2017-02-16T12:45:26","guid":{"rendered":"http:\/\/www.stock-trkr.co.uk\/commentary\/commodities-articles\/Trading-plan-for-Gold-for-February-16-2017"},"modified":"2017-02-16T12:45:26","modified_gmt":"2017-02-16T12:45:26","slug":"trading-plan-for-gold-for-february-16-2017","status":"publish","type":"post","link":"https:\/\/www.myforexvps.co.uk\/trading-plan-for-gold-for-february-16-2017\/","title":{"rendered":"Trading plan for Gold for February 16, 2017"},"content":{"rendered":"<p><img decoding=\"async\" width=\"450\" src=\"https:\/\/forex-images.instaforex.com\/userfiles\/20170216\/analytics58a59a6725ab5.jpg\" alt=\"analytics58a59a6725ab5.jpg\" \/><\/p>\n<p>Technical outlook:<\/p>\n<p>The 4H chart presented here is indicative of clear 2-wave count potential. The first is being worked out between $1,180 and $1244.00 levels; it is an immediate boundary, being worked out. According to this wave count, strong support lies at $1,205.00, which is also Fibonacci 0.618 and immediate trendline support as depicted here. If the metal bounces from above levels, it is expected to rally towards $1,300.00 plus levels easily. The other wave count is possible if the prices break below $1,205.00 level and subsequently below the trendline support. In this cast the entire rally from $1,120.00 through $1,375.00 level would come into play and the prices may drop towards $1,170.00 level before it finds support. Please note that the above is also Fibonacci 0.618 support and 2-month trendline support also passes through. A short-term wave count is also presented below on an hourly chart. Supports are lined up to $1,205.00 and $1,180.00 levels respectively.<\/p>\n<p><img decoding=\"async\" width=\"450\" src=\"https:\/\/forex-images.instaforex.com\/userfiles\/20170216\/analytics58a59d04661ac.jpg\" alt=\"analytics58a59d04661ac.jpg\" \/><\/p>\n<p>Trading plan:<\/p>\n<p>A medium-term trading strategy remains bullish on the counter; keep buying on dips. Levels to watch out for are $1,205.00 and $1,170.00 respectively. Alongside an aggressive short-term trading plan would be on the sell side.<\/p>\n<p>Aggressive:<\/p>\n<p>Short now, stop at $1,246.00, and target $1,205.00.<\/p>\n<p>Conservative:<\/p>\n<p>Flat for now. Look to buy at $1,205 and $1,170.00, stop at $1,121.00, and target $1,375.00 plus.<\/p>\n<p>Fundamental outlook:<\/p>\n<p>Short-term pressure shall remain on Gold due to USD bullish scenarios. But the metal is overall in the medium-term bullish trend which can be nullified only if the prices drop below $1,122.00 level.<\/p>\n<p>Events to watch out are Building Permits in the USA, scheduled to be out at 08:30 AM EST. Forecast is positive.<\/p>\n<p>Good luck!<\/p>\n<p>The material has been provided by InstaForex Company &#8211; <a href='https:\/\/www.instaforex.com\/?x=GJAZ'>www.instaforex.com<\/a><br \/>\nSource: Instaforex.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical outlook: The 4H chart presented here is indicative of clear 2-wave count potential. The first is being worked out between $1,180 and $1244.00 levels; it is an immediate boundary, being worked out. According to this wave count, strong support lies at $1,205.00, which is also Fibonacci 0.618 and immediate trendline support as depicted here. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[51],"tags":[],"_links":{"self":[{"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/posts\/3132"}],"collection":[{"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/comments?post=3132"}],"version-history":[{"count":1,"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/posts\/3132\/revisions"}],"predecessor-version":[{"id":3134,"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/posts\/3132\/revisions\/3134"}],"wp:attachment":[{"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/media?parent=3132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/categories?post=3132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myforexvps.co.uk\/wp-json\/wp\/v2\/tags?post=3132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}