Thursday, May 21, 2015

Gold Buy Recommendation May 22nd 2015

Commodity: Gold
Timeframe: Hourly Chart (H1)
Recommendation: Buy Gold @ 1,207.50
Take Profit @ 1,230.00
Stop Loss @ 1,201.00


Given the economic reports set for release today and with the weekend ahead of us plus the two speeches by central bank officials on top of what the charts are showing us I went long Gold and plan on keeping it over the weekend as I think we will see a stronger price by the time markets close for the weekend.

Be advised that volatility may be elevated and that we may see a move to the downside and a test of support around the 1,203.65 before a breakout can lead to a short-covering rally and some good upside.

 PaxForex

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