60 Green Pips In Gold – Are You Ready for the Next Setup?
Arslan Butt • 1 min read
Howdy traders. You must be enjoying our long-term and short-term forex trading signals on Gold. Both went exceptionally well, and the short-term signal recommended in "Are You Up To Catch Retracement In Gold" hit 60 pips profit for us. Let's crack another trade setup in Gold.
Gold // XAUUSD – Technical View
Zooming in on the 4-hour chart of Gold, the metal tumbled sharply in order to hit our earlier take profit level at $1,285. Anyhow, It has formed a candlestick pattern "shooting star" which is signaling a potential bullish trend in the Gold. Unfortunately, this came overnight, and we missed a buying entry at $1,275. But no worries, we are still in the game.
Gold – 4-Hour Chart – Fibonacci Retracement
The oversold Gold is now heading towards the next target level of $1,283 and $1,287. Whereas, the $1,287 is representing a double top level. Now let's have a look at the lagging indicator, the 50 periods EMA. It's holding at $1,281. But these days, traders are not respecting the EMA support and resistance, especially for Gold trading.
Gold // XAUUSD – Trading Plan
I will be waiting for Gold to come down a bit near $1,276 to take a bullish entry to target $1,287. On the other hand, $1,287 seems to be a nice level for selling. Good luck.