Our Gold Signal Looks Good Now That Gold Is Reversing - Forex News by FX Leaders

Our Gold Signal Looks Good Now That Gold Is Reversing

Posted Tuesday, October 17, 2017 by
Skerdian Meta • 1 min read

A few days ago we opened a buy forex signal in Gold. The chart setup looked great for sellers at that time, but a certain forex event sent the Dollar tumbling and Gold surging, among other safe haven assets.

Our Gold signal is back on green now.

The US inflation CPI numbers (Consumer Price Index) came out a bit soft on Friday, right after we had opened this signal. It didn’t take long for the market to start dumping the Buck and turn on the safe haven assets.

So, Gold rallied and it broke the 50 SMA (yellow) that I was counting on as a resistance indicator. It rallied pretty strongly during that time and yesterday it looked like our signal might as well hit stop loss since the price was holding above the $1,300 level.

But, risk sentiment improved as North Korea agreed to talk a lot least that’s what the market thought. Nevertheless, the market turned sour on safe haven assets and we now find Gold below the $1,290 level again.

We’re back below the 50 SMA as well. The stochastic indicator is oversold as well and heading down, so technically, Gold seems pretty bearish. We’re already well in profit with our Gold trading signal, but we’re letting it run a bit further in order to increase profits.    

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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