Gold Supported on Physical Demand Sentiments – Chinese Lunar Year Ahead
Arslan Butt • 1 min read
Yesterday, the bullion market traded exactly as we forecasted in our Gold Consolidates in Range – Let’s Take a Quick Trade. Our forex trading signal on Gold did really to give us quick 35 pips and later the market soared right above $1,316. I hope you enjoyed the trade. Are you ready for another cool setup? Check it below…
Gold/ XAUUSD – Ascending Triangle Breakout
Buddies, the was consolidating in an ascending triangle which was providing a hurdle to precious metal at $1,324. Typically, the ascending triangles break out towards the north direction and that’s exactly how it reached.
Remember, a day before we explained the relationship between Gold and Chinese demand. Well, that’s one of the reasons which is driving bullishness in the Gold.
Gold – 4 – Hour Chart
For now, the Gold is holding above a resistance become support level of $1,324 and it’s likely to continue its bullish momentum until $1,329/30.
Gold / XAUUSD – Trade Idea
Traders, due to above-discussed reasons, we just shared a forex trading signal to stay bullish above $1,324 with a stop below $1,322 and take profit at $1,330. Good luck!