Gold Triangle – Sellers Dominate! - Forex News by FX Leaders

Gold Triangle – Sellers Dominate!

Posted Friday, August 18, 2017 by
Arslan Butt • 1 min read

Earlier, I shared a forex trading signal to staying in sell below $1290. We lucked out and managed to close our trade in profit. Later, the market reversed to our entry price. Now, I'm looking at another hot trade setup in gold.

Gold - 4 Hour Chart - Double Top Gold – 4-Hour Chart – Double Top

The ABCD pattern we discussed in our earlier updates is still in action. Today though, gold is offering something new the double top at $1290.

On the 4-hour timeframe, the yellow metal is consolidating below $1290 along with the Stochastic RSI at 85, the overbought region. This signifies the bulls will think twice before buying the overbought commodity.

Gold – XAU/USD – Trading Levels

Support            Resistance

S1: 1282            R1: 1287

S2: 1277           R2: 1290

S3: 1274           R3: 1295

Gold Trading Plan

I'm looking to stay in sell only below $1290 with a stop loss above $1294 to target the $1284. In case the market breaks above $1290 and reaches $1299, that will be my second entry for taking a sell position. Good luck traders and have an awesome weekend!

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

Leave a Reply

Notify of