Oct.10: Gold Completes 61.8% Retracement! - Forex News by FX Leaders

Oct.10: Gold Completes 61.8% Retracement!

Posted Tuesday, October 10, 2017 by
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 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.

 
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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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