What’s up, my friends. It was another great day yesterday. Our forex signal on Gold spared another 45 pips. For now, the market is heading north and soon we may get a chance to take a sell position. Keep following…

Gold/ XAUUSD – Trade The Range

Gold prices advanced in Asian session today as an extended weaker dollar supported bullish sentiments for Gold. On the 4- hour chart, the Gold is stuck in a very narrow trading range of $1,365- 1,349.  The RSI and Stochastics have entered the overbought zone above 80.

Gold – 120 – Min Chart

The most recent close is Doji near $1,357, which is followed by a very powerful bullish momentum. So it’s very likely to give us at least 40-50 pips reversal, if not more.  Overall, the Gold is trading far away from the 50-EMA which signifies the selling trend in Gold is imminent.

Support     Resistance

1351.76    1360.46

1347.03    1364.43

1343.06    1369.16

Key Trading Level:    1355.73

Gold / XAUUSD – Trade Idea

The market can stay bullish above $1,349 and bearish below $1,365. I will be looking to trade sideways, selling at the top and buying at the low with 30 pips stop and 50 pips take profit. Good luck!