Gold Signal Hits 65 Pips – Get Ready for Second Entry!

Traders, during the Asian session, we shared a forex trading signal on Gold to open a sell below $1,312 in order to target $1,304, but clos


Traders, during the Asian session, we shared a forex trading signal on Gold to open a sell below $1,312 in order to target $1,304, but closed our signal manually at $1,305 securing +65 Pips. This week, it’s our second take profit in the Gold. So, are you up for the next move?

 

Gold – Technical Outlook

As of now, Gold is holding above a solid support level of $1,304. Recalling the earlier update Gold On Fire – Safe Haven Demand In Action, we mentioned about the candlesticks pattern "three white soldiers" which is causing the bullish bias for the metal.

Gold - 3 Hour Timeframe - Chart 1Gold – 3 Hour Timeframe – Chart 1

Comparing the Chart 2 with the Chart 1, we can see the leading indicators, RSI and Stochastics, both are still in the overbought region and can offer us another opportunity of selling until $1,302 – $1,297.

Gold - 3 Hour Timeframe - Chart -2

Gold – 3 Hour Timeframe – Chart 2

 

Gold – Trading Idea

Now, I’m going to wait for Gold retest $1,312 to take another sell position, or I will prefer to stay out of the market. The stop should be above $1,317 and take profit at $1,304. Good luck and keep following for more updates.

 
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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