Gold Signal In 70 Pips Profit – Gartley Pattern in Play! - Forex News by FX Leaders

Gold Signal In 70 Pips Profit – Gartley Pattern in Play!

Posted Wednesday, September 13, 2017 by
Arslan Butt • 1 min read

Good morning, traders. You must be excited about the Gold's forex trading signal! As mentioned in Gold Finds Support, Is It a Good Time to Go Long?, we spotted an upward trend and went long on Gold at $1325. Now it's floating in 70 pips profit. Exciting, isn't it?! Let's see how we can manage this trade.

Key Technical Drivers

In my previous update, we discussed the bullish Gartley pattern. The Gold was expected to complete 61.8% Fibonacci retracement at $1321, the B point of Gartly before making a bullish move. That's exactly how it traded.

Gold - 4 Hour Chart - Gartley Pattern Gold – 4 Hour Chart – Gartley Pattern

For now, the Gold is heading north to target $1350, but there are several points where Gold can find resistance. For instance, the immediate resistance is at $1332, and the break above will lead it towards $1341. The Gold has completed 61.8% retracement at point B and now it has a potential to go for point C at $1352.

Besides that, the same bullish channel and leading indicators are supporting the bullish bias. Particularly, the Stochastic & RSI has come out of the oversold region and heading towards bullish crossover at 50.

Gold – Trading Idea

As we are already trading at $1325, trailing the stop at breakeven ($1326) will be a good idea. As advised earlier, we can take partial profits at $1330, $1338 and $1343. We need to follow the FX Leaders Risk Management Strategies to limit our risk and maximize the profitability. Good luck and keep following for more exciting 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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