Trade The Breakout – Gold Enters In New Range! - Forex News by FX Leaders

Trade The Breakout – Gold Enters In New Range!

Posted Thursday, December 7, 2017 by
Arslan Butt • 1 min read

Gold just broke out of the range ahead of NFP tomorrow. Did you miss the Gold entry? Well wait, I got another hot setup to trade in Gold. Check it out…

What Caused Breakout?

Well, late during the New York session, as dollar strength continued after uncertainty over a possible US government cessation eased, diminishing investor demand for safe-haven assets such as Gold, Silver and Japanese Yen.

Technical Overview – Bearish

Recalling my earlier update on Gold, the yellow metal was having a solid support at $1,260, the double bottom level. But later on the sentiments, the entered the market.

Gold - Hourly Chart - Descending Triangle Pattern

Gold – Hourly Chart – Descending Triangle Pattern

Take a look a the hourly chart, Gold just broke a descending triangle pattern, which was supporting it above $1,260. Now, the market is but oversold, but we can enter a sell on a slight pullback now or wait for a buy entry at $1251 today.

Gold // XAUUSD – Trading Idea

Guys, I’m looking to stay bearish below $1,262 and bullish above $1,251. The market is highly likely to trade in these territories before the release of Non-farm payroll tomorrow.  Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of