Gold Consolidates in Range – Let’s Take a Quick Trade - Forex News by FX Leaders

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

Posted Monday, February 12, 2018 by
Arslan Butt • 1 min read

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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