A Crucial Level for Gold – Investors Await Confirmation!

Posted Monday, September 18, 2017 by
Arslan Butt • 1 min read

Good day, traders. This week is highly significant from the trading point of view due to top-tier economic events coming out from several economies. At the moment, the Gold is at the crucial spot to enter into a bullish or bearish zone. Let's plan it out…


Key Technical Drivers

Previously I was talking about the bullish channel which proavided a nice support to the precious metal Gold at $1330 – this  isn't in action anymore. As forecasted, the Gold retreated to retest $1330 resistance during the previous week and gave us a good selling opportunity.

Gold - 4 Hour Chart - Bullish Channel BreakoutGold – 4 Hour Chart – Bullish Channel Breakout

At the moment, the yellow metal is holding above a crucial trading level of $1317. The break below $1317/15 is likely to push the market deeper towards $1306 but if candles keep closing above the same level, we may see another bullish wave until $1324 and $1329.


Besides this, the Stochastics is entering the oversold region signaling chances of reversals. Zooming in the 4 -hour chart, the most recent candle is showing a tug of war among bulls and bears since half of the candle is bearish and half is bullish.


Gold – Trading Idea

Today, we can risk taking a buying position above $1315 with a stop below $1312 and take profit at $1324/26. Whereas, below $1313, we can sell gold with a target of $1306. Traders, we need to ensure the strict risk management, thereby follow the FX Leaders Risk Management Strategies to limit your risk and maximize the profitability. Good luck.

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
Yesterday the FED delivered a hawkish pause with the DOT Plot pointing to more rate hikes, today the SNB and the BOE should hike by 25 bps
2 days ago
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments