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
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.