Gold Has a Round Trip – US GDP In Focus Today

It was a highly volatile day for Gold yesterday, with prices moving both sides over the course of the day...


It was a highly volatile day for Gold yesterday, with prices moving both sides over the course of the day. Overall, this resulted in prices reaching back to the same level that they were a mere 24 hours before. The economic events from the United States will be in play to move the Gold.

GOLD / XAUUSD – 61.8% Retracement

Looking at the 2 -Hour chart, we can see that Gold has bounced off of the 61.8% retracement level of $1,342. The next resistance now prevails at $1,367, as Gold reversed twice below this level. A recent bearish engulfing candle at $1,353 suggests a bullish sentiment among investors. The Advance GDP q/q figures from the United States will remain in focus today at 13:30 (GMT).

Gold – 2 – Hour Chart

Support     Resistance

1341.77       1360.03

1336.13       1365.67

1327            1374.8

Key Trading Level:    1350.9

Gold // XAUUSD – Trading Plan

The idea is to stay bullish above $1,353, with a stop below $1,350, and take profit of $1,362. Good luck and stay tuned for trading signals!

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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