Gold Soars Over Safe Haven – Gartley Pointing $1,353!

On the hourly chart, Gold was consolidating in a descending triangle pattern. The pattern provided resistance to price near $1,342...


It’s been an excellent day so far as team FX Leaders closed four winning forex trading signals during the Asian and European sessions. Gold is floating in profits. Fundamentally, the bullion market is bullish. Thank you to technicals for sparing an outstanding entry.

 

Three Reasons for a Bullish Gold

 

On the hourly chart, Gold was consolidating in a descending triangle pattern. The pattern provided resistance to price near $1,342. On the breakout, we decided to jump in the market with a target of $1,339.

 

Secondly, Gold is trading above 50-period EMA which indicates a bullish bias of investors.

Gold - Daily ChartGold – Daily Chart

Thirdly, the leading indicators, RSI and Stochastics, had a bullish crossover. At the moment, the leading indicators are about to enter the overbought zone. We need to monitor the trade carefully to avoid bearish reversals.

 

Gold – XAU/USD – Trading Idea

Fellas, the idea is to stay bearish below $1,345 with a stop above $1,347 and a take profit at $1,337. Stay tuned for our updates for quick profits. Good luck!

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.

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