Gold Completes LH Wave – Here’s What To Expect Next
Arslan Butt • 1 min read
What’s up, traders. I hope you are enjoying the forex trading signals. We just closed another trade on Dax with +60 profit. Now looking to trade Gold in the European session. Check out the trade setup…
Gold / XAUUSD – Lowers High Pattern
Recalling our earlier update, the forex trading signal on Gold closed at taking profit helping us encash 35 pips. Gold pulled back from yesterday’s low of $1,320 to trade near $1,330. Earlier this morning, we opened a trading signal to buy the Gold at $1,330 with a stop below $1,327 and take profit at $1,334.
Gold – 240 – Min Chart
One of the reasons behind this trade is the Bullish engulfing which can be seen at the 240 – Min chart below. But now, the Gold seems to make lowers high wave. This means, in a bearish trend, the price pulls back a bit to place a high, but that particular high is below the previously place high. It signifies the investor’s intention to stay bearish.
Our trade is highly depending on the bullish breakout of $1,331 resistance. Hoping for the best. Good luck!