Gold Completes 50% Fibo Retracement - 61.8% Is Up Next! - Forex News by FX Leaders

Gold Completes 50% Fibo Retracement – 61.8% Is Up Next!

Posted Monday, April 9, 2018 by
Arslan Butt • 1 min read

Fellas, the safe haven appeal seems to be fading away after US President Donald Trump remarked that China would take down its trade barriers expressing optimism despite escalating trade tensions between the world’s two largest economies. Gold is in a bearish mode and our forex trading signal is doing really well…

Gold – XAU/USD – Technical Outlook

On the hourly chart, Gold broke below $1,330 support and now the same level is working as resistance. Since Gold was overbought, I applied the Fibonacci tool on the hourly chart. Gold has already completed a 50% retracement and is now heading towards our target level of $1,326 which is near a 61.8% retracement.

Gold - Hourly Chart

Gold – Hourly Chart

Gold can reverse above $1,325, but the break below this level can is likely to open further room for selling until  $1322/20.

Gold – XAU/USD – Trading Idea

We shared a forex trading signal to sell Gold below $1,329 with a stop above $1331 and take profit at $1,326. The trade is just 10 pips away from the TP. Investors are advised to follow FX Leaders Risk Management Strategies to secure maximum profits on our signals. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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