Gold Completes Bearish Bat – Sellers Ready to Dominate
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!