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!  

 
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments