Happy Friday – A Quick Technical Review of Gold!

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 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!