Bullish Breakout In Gold – Quick Update on Forex Trading Signal
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 – 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!