Range Bound Gold – How To Trade A Boring Monday?

Welcome back, forex friends. Last week, we had some nice profits on Cryptocurrencies and forex crosses. This week, we have few major cataly


Welcome back, forex friends. Last week, we had some nice profits on Cryptocurrencies and forex crosses. This week, we have few major catalysts that can give directions to the prices. However, today the market is mostly depending upon technical analysis. Let's take a look.

 

Gold – Technical Outlook

Traders, it's been three trading days that the volatile Gold is stuck in the sideways trading range of $1,287 – $1,297. It's because we haven't heard anything aggressive from the United States and North Korea. In addition, the Federal Reserve was somehow hawkish as they signaled a December rate hike along with reducing the side of Balance Sheet. Therefore, the stronger Dollar is weighing on the Gold.  

Gold -2 Hour - Bearish Channel Gold -2 Hour – Bearish Channel 

On the 2-hour chart, the Gold has formed a bearish channel which is supporting the metal at $1,287. The break below this level is likely to lead Gold towards $1,281. On the flip side, $1,297 is a solid resistance for now. Leading indicators are not showing much in the sideways market.

 

Gold – Trading Idea

It's better not to trade the sideways market, but to pocket quick profits, we can take a buy above $1,291 with a stop below $1,288 and a take profit at $1,295/97. Whereas, selling below $1,300 seems to be a good idea. Good luck traders and keep following as soon I'm going to share the weekly trading levels for Gold and Crude Oil.  

 
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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