This week has remained highly volatile not only for the Forex but also for the bullion market. The US dollar remained supported on the remarks of Federal Reserve Chair Jerome Powell, driving bears into the bullion markets. Gold is likely to gain support over the bullish bat pattern. Here’s the trade idea.

Gold – XAU/USD – Bullish Bat & Double Bottom Support

Gold – 240 Min Chart

Besides the technical aspect, the US ISM Manufacturing PMI figures and the Fed Chair Powell testimony will remain in focus today at 15:00 (GMT).

Gold – XAU/USD – Trading Plan

Our forex trading signal on Gold is doing well and is to stay at $1,312 with a stop above $1,315 and profit at $1,309. Next entry will depend on the economic releases.

Good luck!