The gold really has become increasingly precious due to increased uncertainty in the market. Yesterday, the buyers helped the gold trade strongly, particularly, in the New York session. The bullish waves in the gold were in response to the solid sell-off in the U.S. dollar.
However, we remained fortunate as our forex trading signal on the gold did a phenomenal job. In the Asian trading session today, we shared a trading signal to sell the gold below $1260, with an aim of $1255. Thankfully, the trade closed at the take profit level and helped us gain nearly 450 pips.
The market is still having a difficult time accepting the news that U.S. President Trump may have shared intelligence with Russia's foreign minister about an Islamic State operation. Whereas, the recent reports of a leaked memo suggest that Donald Trump had asked that the investigation be stopped.
In response to that, we have experienced a large round of speculation and uncertainty in the global markets.
Forex Trading Signal
Investors are advised to monitor the crucial trading level of $1262 as I will be looking to sell only below this level with a stop loss above $1264 and a take profit at $1255.
On the flip side, you can take a buying position above $1263 with a take profit of $1267.
Gold – 4 Hour Chart
Technical Trading Levels – Intraday
S1: 1252.64 R1: 1262.04
S2: 1243.23 R2: 1267.85
S3: 1237.42 R3: 1277.2
Traders, the market is highly volatile and this seems to divert its long-term trends. Hence, we need to trade level to level with the stop loss, to avoid sticking in an anti-trend trade.
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