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Gold Completes Bearish Bat – Sellers Ready to Dominate

Posted Monday, January 29, 2018 by
Arslan Butt • 1 min read

This week seems to be highly volatile not only for the Forex but also for the bullion market. As we discussed in our Weekly Brief, the fundamentals will be heavily impacting the Gold price. The Gold has formed a very nice technical setup. Let’s take a look…

GOLD / XAUUSD – Bearish Bat

In our previous update, we discussed the bullish breakout which drove the Gold to $1,363. Thanks to Donald Trump for supporting the Dollar by saying “they need a stronger Dollar” as Gold fell in response due to its negative correlation with the Greenback.

Gold – Daily Chart – Bearish Bat

For the moment, Gold was facing a solid support at $1,344 with a resistance of $1,350. On the daily chart, we can see the bearish reversal pattern called Bearish Bat which is likely to keep the Gold bearish below $1,358 in a longer term.

Gold // XAUUSD – Trading Plan

The idea is to stay bullish above $1,349 with a stop below $1,352and take profit of $1,344  and $1,342. Good luck!

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