SaxoTV

Neighbour: Why I’m buying gold

538 views
January 07, 2016 2016, bank, breaker, buy, china, chinese, circuit, commodities, commodity, concerns, deflation, equities, fears, gold, halt, higher, idea, january, joe neighbour, market, markets, neighbour, price, prices, saxo, saxo bank, saxo bank group, saxo capital markets, saxo tv, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxobank.com, saxotrader, saxotradergo, saxotv, stocks, stop, strategies, strategy, tale, target, trade, trader, traders, traders tale, trading, tradingfloor, tradingfloor.com, turmoil, tv, view, volatility, worries
Concerns over China and deflation are pushing up gold prices, says Joe Neighbour.

Chinese equities fell 7 percent on Thursday, causing trading to be halted for the second time in a week, and that in part has pushed gold convincingly through the USD 1089 resistance level, Neighbour says.

He is looking for gold to retest the USD 1089/1090 level at which he will buy. His target for the trade is USD 1200 with a stop at USD 1070.