⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Gold Knocking Into Highs – Risk-off Continues to Dominate!

Gold continues to trade in a sideways channel on the back of mixed fundamentals. Better than expected U.S. economic events are placing bearish pressure on gold, whereas, the ongoing tensions between the United States and China are fueling safe-haven demand. I just spotted an ABCD pattern on gold which can offer us a good trade entry. Check this out…

GOLD – XAU/USD – ACBD Pattern

A day before, gold violated a major resistance level of $1,349 and continued to hold above this level. The bullish Gartley pattern, which we discussed yesterday, isn’t in play anymore as the trade war sentiment is driving the market now.

Gold - Hourly Chart - ABCD Pattern

Gold – Hourly Chart – ABCD Pattern

Looking at the hourly chart, you can see a potential ABCD pattern which has already completed a B to C move at $1,349. The C to D move is expected to complete near $1,360.

RSI and stochastics are also heading upward, signaling the potential for a bullish trade. You can find fresh support and resistance levels for gold in our recent update, Gold & WTI Key Trade Levels.  

Gold – XAU/USD – Trading Plan

The idea is to stay bullish above $1,352 to target $1,357 with a stop below $1,350. 

Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Avatar
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.
Related Articles
🔒 OPEN A TRADING ACCOUNT