50 Pips In Gold – Get Ready for the Next Position! - Forex News by FX Leaders

50 Pips In Gold – Get Ready for the Next Position!

Posted Wednesday, August 23, 2017 by
Arslan Butt • 1 min read

In my previous update, I shared a forex trading signal which involved entering a sell position below $1293. We already closed it to make a 50 pips profit this morning. This is how I'm planning on trading today.

Key Technical Drivers

Considering the technicals, the gold is still trading in a bullish channel. We can see in below chart, gold prices are now trading near $1280, the lower edge of the bullish channel. That's why I decided to close my position.

50- periods EMA is providing a support at $1280. That's the same level where the bullish trend line is extending support. That's double confirmation for us.

Gold- 4 Hours Chart - Bullish Channel Gold- 4-Hour Chart – Bullish Channel

RSI Stochastic is holding at 19, signaling that the gold is oversold and we may see a slight correction in prices before further selling.

Talking about technical levels, today, breakage below $1280 is likely to lead the gold prices towards $1269. Whereas above $1280, the yellow metal can stay bullish until $1293.

Gold Trading Plan

I'm looking to enter a buy position at $1280 with a stop loss below $1275 and take profit at $1291. My sell entry will be at $1293. Good luck traders and keep following for more profitable forex trading signals!

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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.
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