Bullish Breakout In Gold – Quick Update on Forex Trading Signal - Forex News by FX Leaders
Gold - Ascending Triangle Breakout

Bullish Breakout In Gold – Quick Update on Forex Trading Signal

Posted Monday, July 9, 2018 by
Arslan Butt • 1 min read

What’s up, fellas.

Our buy trading signal on gold seems to be doing well as the market has soared to $1,262. The recent gains in the dollar are caused by a softer buck and warning of a full-blown trade war after the U.S. tariffs on $34 billion worth of Chinese products. In retaliation, China’s commerce ministry countered with 25% tariffs on $34 billion worth of the U.S. imports.

Trade War – Is it boosting safe-haven demand?

Yup, it is. In fact, traders are worried about the upcoming actions from both of the economies. There’s an immense amount of uncertainty in the market which is keeping the market on its toes. The market is looking for a safe shelter for investments. As we know, gold is the safest one. Therefore, the yellow metal is likely to remain supported.

Gold -XAU/USD – Technical Setup

The precious metal gold has come out of an ascending triangle pattern which was providing a solid hurdle near $1259. Anyway, gold is facing a resistance near $1,262 along with a support near $1,257. The 50 – periods EMA is supporting the bullish trend. The violation of $1,257 can extend the bearish rally towards $1,251. Whereas above $1,261, the market can stay bullish until $1,265.

Gold - Ascending Triangle Breakout

Gold – XAU/USD – Trade Idea

We are in a bullish trade in gold above $1,258 with a take profit near $1,262.25 and a stop loss near $1,255. 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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