Gold - 2 Hour Chart

Gold Retesting Horizontal Resistance $1,328 – Trade The Breakout!

Posted Tuesday, April 24, 2018 by
Arslan Butt • 1 min read

Gold is trading sideways in a narrow trading range of $1,320 – $1,328 today. Unfortunately, it missed our buy limit at $1,321 just by inches and bounced off after printing a low of $1,321.75. Anyways, we may see a breakout during the U.S. session, especially with the release of the U.S. consumer confidence figures.  Are you still ready to trade?​

Gold – XAU/USD – Technical View

On the 2-hour chart, gold is facing a strong support above a triple bottom level of $1,321. The same level supported the metal back in March and April 2018.  Gold - 2 Hour Chart

Gold – 2 Hour Chart

At the moment, gold is facing a nice resistance at $1,328. It has formed a bearish engulfing candle right below the same level ($1,328) which signifies a bearish bias of investors. The leading indicator, RSI, is also trading in the overbought zone.

Support     Resistance

1323.97    1334.29

1320.79    1337.47

1315.63    1342.63

Key Trading Level:    1329.13

Gold – XAU/USD – Trading Plan

Today, the idea is to stay bearish below $1,329 with a stop above $1,331 and a take profit of $1,322. However, the market may violate the technical setups on the release of the U.S. consumer confidence numbers during the New York session. Stay tuned for updates!

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About the author

Arslan Butt is our 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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