Range Bound Gold – How To Trade A Boring Monday?
Arslan Butt • 1 min read
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
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.