Gold Dives On NFP - Bullish Gartley Underpins the Metal - Forex News by FX Leaders

Gold Dives On NFP – Bullish Gartley Underpins the Metal

Posted Monday, February 5, 2018 by
Arslan Butt • 1 min read

It was the tremendous move in the Gold on Friday. Fortunately, we dived into the market well in time to grab quick 40 green pips. Today, the Golds is likely to settle itself against the aggressive closing on Friday.  Here’s what to expect Gold from today…

GOLD / XAUUSD – Bullish Gartley

The Friday’s closing just gave us a bullish reversal pattern on the hourly chart. It’s a bullish Gartley once again which completed it’s C to D wave at $1,328. Which means, the Gold can take a U-turn above this.

Gold - 60 - Min Chart

Gold – 60 – Min Chart

Besides this, the leading indicators are also in support of bullish reversal. Look at the RSI on the 4 – hour timeframe, it’s holding below 20. For now, the Gold need’s to bounce off $1,330 to complete the 50% or 61.8% retracement at $1,337 and $1,339.

GOLD / XAUUSD – Trade Idea

The idea is to stay bullish above $1,330 to target $1,335 with a stop below $1,328. Whereas, I will be looking for bearish entries below $1,337/39. Good luck and stay tuned as we may have more updates on Gold.

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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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