Gold – Commodity (CFD) Swing Trade Analysis – Daily Chart

April 27 8:00 GMT

Since gold is at an interesting spot I have decided to post a trade idea for it, as even traders only with forex accounts can access gold trading through a CFD (contract for difference) trading.

The following is a commodity market commentary based on technical analysis for the Gold.  It is based off of a daily chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.  This is trade is likely to be a week or longer in duration.

Gold is currently hitting resistance on a downward sloping trend line.  A break above this line (currently $920, remember this line is downward sloping over time) would indicate a profit target of $980 and if that is exceeded, $1020.

If the resistance level holds, look for a retreat to the downward sloping support line in the $840-$850 range.

Gold is currently trading at $914.18

~Cory Mitchell, CMT

Remember, failed breakouts are tradeable too!

AFX Capital offer CFD trading facilities for Forex, oil, metals, indices and options trading. Spreads as low as 0.7 pips.