Gold Looking to Take Grounds Near $1,291 Before G7 Meeting Today - Forex News by FX Leaders
Gold - 4 Hour Chart - Technical Outlook

Gold Looking to Take Grounds Near $1,291 Before G7 Meeting Today

Posted Friday, June 8, 2018 by
Arslan Butt • 1 min read

The precious metal gold held mostly steady as investors remained cautious ahead of a G7 meeting beginning later in the day.  Gold is likely to continue trading sideways due to key events next week such as the U.S. monetary policy meeting and a U.S.-North Korea summit. During the Asian session, we opened a forex trading signal on gold. Here’s an update on it…

Gold – XAU/USD – Quick Technical View

Earlier this morning, we entered a forex trading signal to stay in sell below $1,296 to capture quick take profit at $1,293. There are multiple reasons behind it.

 

Firstly, the 9, 50 and 100 periods moving averages are suggesting a bearish in gold and are likely to provide a resistance near $1,296.

Secondly, the RSI and Stochastics have a bearish crossover on the 4-hour chart. The recent value of RSI is 28 which is signaling bearish bias of traders.

Thirdly, the bearish price action shows a breakout of $1,296 support. The next support prevails at $1,290/89.

 

Gold - 4 Hour Chart
Gold – 4 Hour Chart

Lastly, do check our June 8 – Economic Events Report for a quick update on the G7 meeting today.

 

Support     Resistance

1299.44    1305.7

1297.5    1307.64

1294.37    1310.77

Key Trading Level:    1302.57

 

Gold – XAU/USD – Trade Idea

We are in sell below $1,296 with a stop above $1,299 and a take profit of $1,293. I will be looking to buy above $1,290 later today. 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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