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Gold Poised To Break The Range – Let’s Wait For It

Our forex trading signal on Gold went great despite some uncertainties in the market. Gold is stuck in the narrowly mixed trading range, however, it may offer us another exciting trade. Check this out…

US Existing Home Sales

Today at 15:00 (GMT), we should monitor the existing home sales from the National Association of Realtors. It’s an annualized number of residential buildings that were sold during the previous month, excluding new construction. It’s forecasted to be 5.53M vs. 5.48M. Though I’m not expecting any surprise here, it’s the only indicator which can cause movements in the buck and gold today.

Technical View of Gold // XAUUSD

The outlook for Gold is still mixed. Looking at the 4-hour chart,  the RSI, and Stochastics are signaling neutral bias of investors. Folks, it’s not a strange behavior as the Gold mostly moves this way in the last 15 days of December.

Gold - 240 - Mins Chart

Gold – 240 – Mins Chart

The current trading range of Gold is $1,259 to $1,265. The break above this range will open further room for buying until $1,269. While below $1,265 the Gold is likely to stay bearish up to $1,259. In case, the market breaks $1,259, we may see Gold slipping towards $1,252.

Gold // XAUUSD – Trading Idea

I haven’t shared any trading signal on Gold today. But, I will be looking to buy it above $1,265 to target $1,268/69. While, below $1,265 the market can target $1,259. Good luck!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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