Gold Updates – What’s New In The Market Now? - Forex News by FX Leaders

Gold Updates – What’s New In The Market Now?

Posted Thursday, April 27, 2017 by
Arslan Butt • 2 min read

Today's trading in the commodity market, during the Asian and European sessions, has been very dull as investors seem to be awaiting the major releases from the Eurozone and U.S. Even so, our trading signal on the WTI crude oil achieved its first take profit of the day.

The yellow metal Gold has undergone almost no change since this morning and is trading at $1265, up only +0.13%. But the games are yet to begin.

Speaking of the Gold, it's not in demand at the moment as investors generally invest in Gold at times of uncertainty. At this point, we all know what's going on in the market and what possible outcomes the events may have.

Trump Tax Reform Plan

In our earlier update, Trump's “Plan” Is Out, Now What? the report suggests that the U.S government may cut corporate tax to 15%. Whereas, for overseas companies, they may cut tax rates to 10% from the 35%.

EUROZONE – Diminished Political Risk

The firm sentiments that Macron may win the elections on May 7th are diminishing the political risk in the Eurozone, which is ultimately leading to a dip in the Gold prices.

Gold – Intraday Trading Levels

The technical outlook for the precious metal has not changed a lot, so let's take a look at the trading levels of the Gold.

Support                   Resistance

S1: 1261.38               R1: 1269.94

S2: 1258.73              R2: 1272.59

S3: 1254.453            R3: 1276.87

Forex Trading Signal

In the New York session, I'm looking to buy the Gold above $1259/60 with a stop loss $1256 and a take profit around $1267, only if the fundamentals are in favor. Tighten your belts, we have ECB in less than an hour!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of