Oct. 19 - Gold Hit’s 40 Pips Profit - Buckle Up for Next Trade? - Forex News by FX Leaders

Oct. 19 – Gold Hit’s 40 Pips Profit – Buckle Up for Next Trade?

Posted Thursday, October 19, 2017 by
Arslan Butt • 1 min read

What’s up fellas. Our forex trading signal on Gold helped us secure nearly 40 pips in Gold. As discussed in our previous update Gold Completes 50% Retracement – What’s Next. For now, the technical side is also lining up for a potential trade setup.

 

Gold // XAUUSD – Technical View

There are loads of technical indicators that are suggesting a bearish trend but at the same time, it signals a potential for the retracement. Let's take a look.

– On the daily chart, the Gold closed the day forming a "Spinning Top" which is followed by a bearish momentum. It means, the bearish trend of Gold is lacking momentum.

– Stochastic and RSI are in the oversold zone. Which signifies that entering a sell here can be risky as the investors may take profit.

Gold - 2- Hour Chart - Fibonacci Trading Gold – 2- Hour Chart – Fibonacci Trading ?

– Gold has completed the 61.8% Fibonacci retracement at $1,278. That's making this level highly significant for today.  Below this, it has probability of targeting $1,271 while above this it can go for $1,288.

 

 

Gold //XAUUSD – Trading Plan

Today $1,281 and $1,278 are very crucial trading levels for today. Gold can trade in these ranges. Taking a sell position below $1,281 seems to be a good idea with the first target of $1,278 and $1,272. Good luck and trade with care!

 
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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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