Gold Signal Hits 65 Pips – Get Ready for Second Entry! - Forex News by FX Leaders

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

Posted Tuesday, September 26, 2017 by
Arslan Butt • 1 min read

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.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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