⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Trump Back In Action – Gold Sideways Channel Breakout

Posted Wednesday, March 14, 2018 by
Arslan Butt • 1 min read

The global financial markets are trading calmly as investors await the high impact economic events from the United States. That’s why Gold isn’t going anywhere despite the breakout of sideways channel. We are still in the game. Check out the trade plan.

Fundamental Overview

The bullion market is bullish and the demand for safe-haven assets got a boost, especially after the unexpected firing of U.S. Secretary of State Rex Tillerson.

Besides for this, the yellow metal Gold is being supported as President Trump declared plans to impose taxes on up to $60 billion worth of Chinese imports, specifically targeting the technology and telecommunications sectors. Is this the beginning of a trade war? Investors are wondering. The uncertainty is weighing on the US dollar and keeping the Gold bullish.

Technical Overview

On the 4-hour chart below, Gold has come out of the sideways channel that was extending a solid resistance at $1,324 along with a support at $1,315. $1,324 is now working as a support zone.

Gold - 4 - Hour Chart

Gold – 4-Hour Chart

The 50 periods EMA is likely to support the metal near $1,323, a favorite level for today.

Gold – XAU/USD – Trading Idea

I will be looking to stay bullish above $1,323 with a stop below $1,320 and take profit at $1,328.

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
Related Articles
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments