Gold Supported on Physical Demand Sentiments – Chinese Lunar Year Ahead

Posted Tuesday, February 13, 2018 by
Arslan Butt

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

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!

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About the author

Arslan Butt is our Commodities & Indices 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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