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Gold Consolidates in Range – Let’s Take a Quick Trade

Gold prices gain in Asian session today on the Risk-off sentiment. The investors are highly uncertain after a massive sell-off in the equity sector. Moreover, the Chinese New year next week is keeping the Gold Gold supported over sentiments. However, we just took a trade in Gold, check out below…

Gold/ XAUUSD – Trade the Doji

  • On the 4- hour chart, the Gold is stuck in a very narrow trading range of $1,319 – 1,325.
  • The RSI and Stochastics have entered the overbought zone above 80.

Gold - 240 - Min Chart

Gold – 240 – Min Chart ​
  • The most recent close is Doji near $1,324, which is followed by a very powerful bullish momentum. So it’s very likely to give us at least 20-30 pips reversal, if not more.   
  • Overall, the Gold is still trading below 50-EMA which signifies the selling trend of Gold.

Gold / XAUUSD – Trade Idea

Considering the above technicals, we have shared a forex trading signal to open a sell below $1,324 with a stop above $1,327 and a take profit at $1,320. Later, I will be looking for a buy entry somewhere around $1,316. Good luck!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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