Gold is losing its haven appeal despite ongoing tensions around the globe. This is due to the same reasons I mentioned in my previous article, “GOLD Is Muted – Is This A Silence Before The Storm?”. Investors are trading the sentiments rather than the fact. Surely, they are pricing in the Fed interest rate hike sentiment for March.
That’s why they haven’t even bothered with the renewed tensions between China and North Korea. Uncertainty in the market increased when China urged North Korea to forbear from more missile tests. Thankfully our gold signal hit take profit and helped us secure around 40 pips.
Let’s have quick look at the trade opportunities available in the market.
Tweezer Top Pattern in Gold
The yellow metal has formed a major bearish reversal pattern in the 1 – hour time frame. The tweezer top is representing a tug of war between buyers and sellers. While having a look at the chart, it seems like the sellers are dominating.
Gold Signal: Based on fundamentals and technicals, we can have a sell position below $1217, having placed a stop loss at above $1218 along with a take profit at $1212.70. I recommend you guys to move your stop loss at the breakeven point once your trade comes in profit.
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