Gold – A Potential Sell Opportunity Ahead
Dave Green • 1 min read
Today, the major focus of investors stays with the Sterling. This is because the U.K economy has just released a phenomenal increase in their inflation figures, which is undoubtedly going to force the BOE to increase their interest rates soon. In regards to Gold, later, in the New York sessions, we may see investors switch their focus towards the bullion market. By the way, today in the early Asian session, our Gold signal was a very good shot and we achieved quite a good number of pips in it.
For now, the precious metal Gold is trading at $1232 with an intra-day low of $1226.78. While it has already covered the morning losses, it’s still unclear whether the bullish move is a reversal or a retracement in the Gold.
Let me highlight the technical side as well. The gold has already completed 61.8% retracement at $1232 in the 1- hour chart. Additionally, it has made a crossover in the RSI and 50 periods EMA. A perfect buying setup! Unfortunetly, while writing this, I just missed an entry. No worries, I have a Plan B.
Gold Signal: I’m looking to sell Gold at $1235, with a stop loss above $1239 and a take profit at $1229.