Happy Friday - A Quick Technical Review of Gold! - Forex News by FX Leaders

Happy Friday – A Quick Technical Review of Gold!

Posted Friday, October 13, 2017 by
Arslan Butt • 1 min read

What's up, fellas. Hope you enjoyed our previous update on Gold,  Dovish FOMC Put Gold On Fire – How To Trade Today.  The idea was to sell below $1,297 and buy above $1,289. Gold traded exactly in line with our forecast. Let's take a look at Gold to grab another trading opportunity.   

 

Quick Technical View

Gold is consolidating below $1,297, struggling to break this level. Remember it's the same level that we discussed in our update on Gold a day before. We can see on the daily chart, the metal has dropped after testing the 38.2% Fibonacci resistance at $1,297. At the same time, the stochastic indicator is entering above 80, the overbought zone.

Gold - Daily Chart - 38.2% Fibbo Level In PlayGold – Daily Chart – 38.2% Fibbo Level In Play?

For now, $1,293 and $1,289 both are working as solid support areas. Whereas, Gold is likely to test $1,306 on the breakage of $1,297.

 

GOLD // XAUUSD – Intraday Trading Levels

Support     Resistance

1293          1296

1288          1300

1284          1308

 

Gold // XAUUSD – Trading Plan

Today, the idea is to stay bullish above $1,290 in order to target $1,300 and $1,305. But wait, $1,297 is a major hurdle on the way, so keep a close eye on it. Good luck and have a nice weekend!  

 
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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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