Bullish Bias Dominates Gold, But Sellers Seems to Loom Near $1364 - Forex News by FX Leaders

Bullish Bias Dominates Gold, But Sellers Seems to Loom Near $1364

Posted Friday, February 16, 2018 by
Arslan Butt • 1 min read

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

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!

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About the author

Arslan Butt // Index & Commodity 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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