Gold Poised To Break The Range – Let’s Wait For It - Forex News by FX Leaders

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

Posted Wednesday, December 20, 2017 by
Arslan Butt • 1 min read

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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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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