Gold Bullish Bat – Fed Powell Up Next

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

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
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.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Add 3440

Best Forex Brokers

🥇
Minimum Deposit
$100
Visit Broker
🥈
Minimum Deposit
$5
Visit Broker
🥉
Minimum Deposit
$25
Visit Broker
4
Minimum Deposit
$200
Visit Broker
5
Minimum Deposit
$5
Visit Broker
6
Minimum Deposit
$200
Visit Broker
7
Minimum Deposit
$1
Visit Broker