Oct.10: Gold Completes 61.8% Retracement!
Arslan Butt • 1 min read
What’s up fellas. For another day, we don't have economic events strong enough to shake the Gold prices. Hence, most of the moment will be technically driven. Here is what we need to monitor on the technical side.
Gold // XAUUSD – Technical View
On the daily chart, the yellow metal has completed the 61.8% Fibonacci retracement at $1,264. It was highly needed as the metal was consolidating in the oversold range.
On the daily chart, 50- periods EMA is rendering resistance to Gold at $1,289. At the same level, Gold formed a double top pattern in the past. As suggested earlier, it seems to be a good level to short Gold.
Gold – Daily Chart – Three White Soldiers
Another interesting fact is the "Three White Soldiers" pattern. The Gold is likely to complete this pattern today on the daily chart. It indicates the bullish sentiment of investors.
Gold // XAUUSD – Trading Plan
At the moment, $1,289 seems to be a good level to enter a short position with another sell at $1,294. The stop loss needs to be above $1,298 and a take profit of $1,280. Good luck.