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

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...

Gold - 2 Hour Chart

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!

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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers