3 Reason To Stay Bearish On Gold Today

We just cashed in profits on our forex trading signal on Gold. It's been few days, we haven't heard any controversial remarks...


We just cashed in profits on our forex trading signal on Gold. It’s been few days, we haven’t heard any controversial remarks neither from the United States nor from North Korea.  Therefore, the precious metal is trading on the technical levels today.

Three Reasons to Stay Bearish On Gold

Looking at the 45 – Mins chart, we can see a solid bearish momentum. Gold consolidated in a narrow range of $1,314 – $1,322.

Gold  - 45 Mins Chart

Gold  – 45 Mins Chart

1 – Gold managed to drop below the earlier support level of $1,314. Well, in order to be more sure about the bearish breakout, you should wait a bit for a couple of candles to close below the support level.

2 – You can see a bearish crossover on the 50- periods EMA at $1,317. The crossover resulted in a bearish engulfing candle, which also supports the bearish sentiment of investors.

3 – Thirdly, the bullion has broken below the symmetric triangle pattern at $1,316. Typically, on the breakout of the symmetric triangle, instruments continues trading towards breakout side. The same, we can expect from Gold today.

Gold // XAUUSD – Trading Plan

I’m going to wait for a bit retracement in Gold until $1,316 before taking another sell position with a stop above $1,319 and take profit at $1,311. Good luck.

ABOUT THE AUTHOR See More
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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