Gold Trading Sideways as Investors awaits US Events

Posted Thursday, February 15, 2018 by
Arslan Butt • 1 min read

What’s up, fellows. Our forex trading signal on Gold again did really well. Today, the Asian and European sessions are trading on a light mode as most of the market awaits the economic events from the United States. Here’s what you should see before trading Gold today…

Gold/ XAUUSD – Technical Outlook

At the moment, Gold is trading sideways in a narrow trading range of $1,349 – $1,356. A rise in Gold prices towards $1,360-65 are increasing chances of a bearish reversal.

Gold – 120 – Min Chart

Zooming out on the daily chart, you can see a double top pattern at $1,357. But technically, the bullish powers seems really strong for now.  

Support     Resistance

1332.56    1369.56

1308.53    1382.53

1295.56    1406.56

Key Trading Level:    1345.53

Gold / XAUUSD – Trade Idea

Traders, the market is bit uncertain and I would like to see the market for a couple of more hours to determine my trade. Anyhow for the sake of a rough idea, I may be looking to short Gold near $1,363/64 with a stop above $1,368 and a take profit of $1,345. Good luck!

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