Gold Trading Sideways as Investors awaits US Events
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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