Risk Appetite Dampens – Is It a Good Time to Buy Gold?

Hard luck with the Gold trading signal. A day before, it missed our take profit by inches and reversed to trigger our stop loss. Not to worry; I’m seeing another hot entry in Gold. Brace yourself for a trading signal…

Gold – XAU/USD – 61.8% Retracement In Play

If you recall our earlier update, Gold Completes 50% Fibo Retracement – 61.8% Is Up Next, we shared a forex trading signal with a take profit of $1,326 but unfortunately, the market failed to continue its bearish momentum. Perhaps it’s due to the lack of trading volume which usually happens on Monday.

Recently, the Chinese President Xi Jinping sounded really quiet and calm, denting the demand for safe-haven assets. Consequently, the bullish power of Gold has weakened. But, I’m still considering to take a buying position for technical reasons.

Gold – Hourly Chart – Fibonacci Retracement

For instance, Gold is testing the 50 EMA at $1,331 on the one-hour chart. It completes a 61.8% Fibonacci retracement near $1,330. The leading indicators are oversold. Bulls are standing around the corner.

Gold – XAU/USD – Trading Idea

Considering all the scenarios, we decided to open a buying position above $1,333 with a stop below $1,331 and take profit near $1,336. 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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