Trading Gold Today – 3 Things to Know
What a great start to the day! Two winners: NZD/USD and Dax, and our CAC signal is doing wonderfully. Are you up for a Gold trade today?
Arslan Butt•Friday, February 23, 2018•1 min read
What a great start to the day! Two winners: NZD/USD and Dax, and our CAC signal is doing wonderfully. Are you up for a Gold trade today?
Gold/XAU/USD – Technical Outlook
Allow me to share three technical reasons to stay bearish on Gold today.
Gold – 4 Hour Chart
- 20 & 50 Periods EMA – The yellow metal struggled to break above the $1,330 resistance level, and extended the 20 & 50 periods EMA on the 4-hour chart. The prices below EMA signifies a bearish sentiment of investors.
- Trendline Resistance – Looking at the 4-hour chart, the bullish trendline that was providing support and working as a resistance at $1,330, was violated yesterday.
- BothRSI and Stochastics, the leading indicators, are holding in the overbought zone above 80. This indicates that buyers may grow tired soon and sellers may enter the market.
Gold/XAU/USD – Trade Idea
The point is to stay bearish below $1,329, with a stop above $1,332 and profit at $1,322.
Good luck!
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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