Howdy traders. Our forex signal on Gold was doing really awesome as it was making more than 40 pips on Friday. Unfortunately, it missed closing at our target level of $1,286 despite the fact that it placed a low of $1,285.55. Are you still ready to trade? That's what I'm looking to do with Gold today!

Gold // XAUUSD – Technical View

On the 4-hour chart, a long-term trendline connecting with the high of Sep. 20 and Nov. 17 is proving a solid turning point to Gold at $1,294. Gold has formed a candlestick pattern "Doji" and "shooting star" which is signaling a potential bullish reversal. The oversold Gold is now coming out of the oversold zone. Stochastically is at 52 and RSI at 27.

Gold – 4 – Hour Chart – Trendline Resistance 

We also had a bullish crossover on the 50 periods EMA. Now the market is holding above it and the only hope is the resistance level of $1,294. The break above this will help Gold enter the $1,300 zone.   

Gold // XAUUSD – Trading Plan

Since we are already in the Sell below $1,292 with a stop above $1,294, I'm going to stick with it. Buying entry seems good only above $1,295 whereas, sell is safer below $1,294. Good luck and keep following for more updates.