Gold Hit’s Take Profit – Let’s Trade The Bearish Crossover - Forex News by FX Leaders

Gold Hit’s Take Profit – Let’s Trade The Bearish Crossover

Posted Thursday, January 18, 2018 by
Arslan Butt • 1 min read

In response to the crash in the Crypto market, the yellow metal soared to $1,340 during the US session yesterday. It truly was a very nice selling point but we missed the entry. Anyhow, we managed to close few green pips early in the Asian session. Let’s see what to expect next…

GOLD / XAUUSD – Bearish Crossover

Recalling our earlier update “Gold Breaks Bullish Channel – Time To Trade Bearish Dragon Now“, the Gold traded nicely to hit our earlier target zone. On the 3 – hour chart, Gold has completed 78.6% Fibonacci retracement at $1,327. Therefore, we can expect Gold to bounce off the support level.

Gold - 180 - Min Chart

Gold – 180 – Min Chart

The bearish engulfing candle is indicating the bearish bias of investors. You can see bearish crossover on 50- periods EMA at $1,329, that’s going to be a solid resistance level for today. Do check our latest support and resistance for Gold, as it will be a good help for trading the fundamentals.

Gold // XAUUSD – Trading Plan

Today, the $1,333 will be closely monitored to stay bearish below it. On the lower side, the Gold is likely to stay bullish until the breakage of $1,325 today. Good luck and stay tuned for trading signals.

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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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