Gold On Fire – China Boost Safe Haven Appeal By 25% Tariff

Chinese finance ministry confirms 25% tariff on the US goods, which triggered the safe haven appeal in the market. US indices are down by...


Chinese finance ministry confirms 25% tariff on the US goods, which triggered the safe haven appeal in the market. US indices are down by 1.39% while the bullion market is skyrocketing with 0.70% gain. I just spotted a butterfly pattern which is likely to give us a really nice position…

Gold – XAU/USD – Key Technical Points

On the 4-hour chart, Gold has formed a butterfly pattern which is really making Gold fly towards $1,356. You can see on the chart below, the pattern has completed A to B movement near $1,320 and now B to C movement is on the cards.

Gold - 240 Min Chart

Gold – 240 Min Chart

The C point stays near $1,356 and as soon as the market completes B to C wave, the Gold is expected to take a big dip to $1,300 and even below. However, you should keep in mind the US NFP which is due on Friday and will be a key player.

Gold – Trading Idea

The idea is to stay bullish above $1335 with a stop below $1330 and a take profit at $1,344. The break above $1,344 is likely to give us further buying until $1,352. Brace yourself for the action.  

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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