Another Bullish Wave in Gold

Posted Wednesday, February 8, 2017 by
Dave Green • 1 min read

Afternoon, traders.

Today the market is calm, but it's still full of the trading opportunities not only in the forex market but also in the commodities.

Since we have considerably acheived a good number of pips in the precious metal in previous trades, I am excited to share more trade opportunities with you.

In the early European session, the yellow metal traded slightly bearish to place a low at $1229.97, but the losses were short lived as later it pulled back higher amid ongoing tensions in the global markets, including the elections in the different area of Eurozone, along with ambiguous policies of the U.S President, Donald Trump.

Gold Chart

At the movement, the Gold is trading at $1236, right above a major support level of $1235 and now it's very likely to aim $1240 in the upcoming trading sessions. Looking at the chart, the RSI at 61 and the 50 periods EMA both are supporting the bullish momentum of the Gold.

However, the investors are recommended to have buying positions above $1236, having placed a take profit at $1240 along with a stop loss of $1233.

Happy Trading!

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