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

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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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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