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 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!