Gold Signal Heading towards Take Profit, Risk on Sentiment Plays!
On Monday, the precious metal gold inched lower, having posted another significant daily decline the US session. One of the major reasons...
Arslan Butt•Monday, April 15, 2019•1 min read
On Monday, the precious metal gold inched lower, having posted another significant daily decline the US session. One of the major reasons is the strong dollar. The impact of a weak dollar was offset by gains on Wall Street.
During the previous week, the yellow metal had broken below the critical psychological level of $1,300 to hit a one-week low due to sharp gains in the dollar. On Monday, the market continues to trade in the same manner.
Gold – Technical Analysis
- On the hourly timeframe, gold is holding above support cum resistance level of 1,284.
- There’s a small bearish channel which extends support at 1,284 and resistance at 1,291.
- On the lower side, a bearish breakout can lead gold prices towards 1,281 and 1,277
- The RSI and Stochastics continue to play in the oversold zone.
GOLD Trading Signal
We are holding a sell position below 1,288 with a stop loss of 1291 and take profit of 1315.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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