Gold is Heading Towards that Level Again! Get Ready to Sell - Forex News by FX Leaders

Gold is Heading Towards that Level Again! Get Ready to Sell

Posted Wednesday, November 8, 2017 by
Skerdian Meta • 1 min read

We have had quite a few signals in Gold in the last month, and lucky for us, we picked a nice selling spot. All of them have closed in profit, which means that our selling spot is an important level.

This level is around $1,282 (give or take a dollar or two), and the area around it is all resistance – in over two weeks buyers haven't been able to get above it.

This level looks too tempting for sellers.

 

Currently, Gold is pushing higher and is flirting with $1,280. Actually, it just broke above this round level, so $1,282, here we come.

The hourly and daily Gold charts are overbought, but we are basing this strategy on the H4 chart, which still has some room to run to the upside. So, we are waiting for the top which comes at around $1,282 – $1,283.

Actually, the buyers just pushed higher, and Gold spiked to $1,282 where the 100 and 200 SMAs are standing on this H4 Gold chart. Those moving averages are another reason why we have been selling Gold. They have added extra strength to this resistance area, and they’re doing the same now. We’re about to sell Gold again up – get ready.  

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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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