Gold Sideways – Head & Shoulder Pattern Ready To Play! - Forex News by FX Leaders

Gold Sideways – Head & Shoulder Pattern Ready To Play!

Posted Monday, December 18, 2017 by
Arslan Butt • 1 min read

The interest rate hike from the US central bank isn’t helping the dollar much. Well, it’s not a surprise us as we discussed it before the news release. Due to its direct correlation with Gold, the investors are making it bullish. But check out how I’m looking to trade Gold today…

Technical View of Gold

The outlook for Gold remains mixed. The RSI and Stochastics are signaling that Gold is heavily overbought in the hourly chart. At the same time, it’s heading north to complete a right shoulder at $1,258.

Gold - Hourly Chart

Gold – Hourly Chart

Gold seems to trade sideways below $1,259 to $1,250. So, here is our chance to cash the opportunity. As soon as the market complete right shoulder near $1,260, we can go short for the target of $1,254 and $1,252.

Gold // XAUUSD – Trading Idea 

I have just shared a forex trading signal to open a buy above $1,255 with a stop below $1,253 and target of $1,259. Later, I will be looking to enter short below $1,260 with a stop above $1,263 to target $1,254. Good luck!

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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.
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