Green Pips In The Gold – A New Trade Setup Ahead
Arslan Butt • 1 min read
The Gold prices have stuck in a sideways trend ever since the release of the French election results. This was caused by the increased desire for risk investments due to the fall in uncertainty in the global markets.
As a consequence, the Gold prices have dropped to trade in a narrow range just below $1235 over the previous week. The prices have fallen over 3% overall, the sharpest drop in close to six months.
Anyways, we remained fortunate with our previous forex trading signal on Gold as it matured at the recommended take profit.
Forex Trading Signal
Considering the light trading volume, I would suggest a selling position below $1225 with a stop loss above $1228 and a take profit of $1219 and $1215.
Gold Bearish Trade Setup – 4 Hours Chart
Technical Outlook – Intraday
Today seems to be a dead day as most investors are not entering the market due to the lack of major economic events. We will need to look at the technical side to find trade opportunities.
Additionally, we can't ignore the bullish trend line on the daily chart which is supporting the yellow metal at $1214. Sooner or later, we may have a buying entry at $1214.