Gold Under Bearish Attack – Stronger Dollar Plays

Hard luck with our gold trading signal as it floated in profits for a long time during the U.S. session. Unfortunately, the market reversed to close it at stop loss. On Wednesday, we decided to open a forex trading signal to sell gold near $1,273 with a minor stop at $1,275 a target of $1,265. The volatility in the market knocked us out of the game. No worries, today we have another opportunity to catch up. Buckle up…

Last week, gold came out of a narrow trading range of $1,290- $1,301 due to an ease in safe-haven demand after North Korea and the United States came to an agreement. This, coupled with the Fed interest rate hike from 1.75% to 2% and the odds of two more rate hikes in 2018 are keeping the gold prices under massive bearish pressure.
Today, gold is facing strong resistance near $1,270 along with a support near $1,261. The violation of $1,261 can lead gold prices towards $1,257.
The 50 periods EMA is signaling a bearish trend of gold which means technically we should be looking for only selling trades.

Gold – XAU/USD – Trading Levels

Support Resistance
1264 1273
1261 1276
1257.13 1281
Key Trading Level: 1270

Gold – XAU/USD – Trade Idea

At the moment, gold prices are in the middle of buying and selling level. So, I will be looking to wait for the prices to reach $1,257 to take a buying position, while the sell positions are recommended below $1,270. 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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