Gold Has a Round Trip – US GDP In Focus Today - Forex News by FX Leaders

Gold Has a Round Trip – US GDP In Focus Today

Posted Friday, January 26, 2018 by
Arslan Butt • 1 min read

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!

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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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