Gold Completes 38.2% Retracement – Is it Good Time To Buy?
Arslan Butt • 1 min read
Fellas, Gold bounced off the support zone of $1,307 on risk-off sentiments. Investors are likely to trade Gold with a stronger dollar sentiment before the release of FOMC tomorrow. Let’s take a look at today’s trading plan…
GOLD – XAUUSD – Technical Outlook
Yesterday, during the US session, the Gold price took a U-turn from our first target level of $1,307. As discussed earlier, the FED is widely expected to hike the interest rate to make the dollar expensive.
Consequently, investors have started switching their investments from Gold to the US dollar thereby making investors bearish on Gold and bullish on the Dollar.
Gold – Hourly Chart
Technically speaking, Gold is consolidating right above a solid support area of $1,314. I must say it’s a key level today as Gold is likely to remain bullish above it and bearish below it. Investors are likely to extend the bearish rally up to $1,310 and $1,307 on the breakage of $1,314.
GOLD – XAU/USD – Trading Idea
Our forex trading signal is to stay bullish above $1,314 with a stop below $1,312 and a take profit at $1,318. Good luck!