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Gold On Fire – Safe Haven Demand In Action

The yellow metal traded exactly as we forecasted in our earlier update Range Bound Gold – Let's Trade The Boring Monday. Today, the market is likely to stay volatile over the several high-impact economic events. Let's take a look.

Gold – Fundamentals Outlook

The Gold prices surged dramatically as the demand for haven assets boosted after North Korea warned that they have the right to “shoot down U.S. bombers.” The fundamentals caused a bullish breakout in the metal.

 

Gold – Technical Outlook

Recalling my earlier update, I mentioned about the sideways trading range of $1287 – $1297, it's violated and no more in action.

Gold - 3 Hour Chart - Bullish Breakout Gold – 3 Hour Chart – Bullish Breakout 

 

On the 3-hour chart, the Gold has formed the candlesticks pattern "three white soldiers" which is signaling a bullish bias of traders. Taking a look at the leading indicators, RSI and Stochastics, both are oversold enough to retrace back to 1300/04 before continuing further bullish moves.

 

Gold – Trading Idea

Today, I'm looking to stay bearish below $1316 with a stop above $1319 and take profit at $1306/1303. Lastly, the market will be impacted by the economic events coming out from the United States during the New York trading session today. Good luck!

 
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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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