Trading Gold Today – 3 Things to Know
Arslan Butt • 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.