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

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 Comp


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!

 
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers