Trade The Breakout – Gold Enters In New Range!
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
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!