Gold Trading Signal Hit Take Profit – Eyes on $1,237
Arslan Butt • 1 min read
What’s up, traders?
It’s a good start to the day as our forex trading signals on CAC/FRA40 and Gold closed at take profit. Today gold prices were muted and stuck in a tight trading range of $1,241 – $1,247 as the dollar extended a rally from the previous session.
For the moment, the Greenback has been a prime mover of gold prices as the market is overlooking the safe-haven appeal. The sentiments of two additional rate hikes are weighing on gold.
Speaking of fundamentals, you should check FX Leaders July 13 – Economic Event’s Report for handy information. All in all, we have UoM Consumer Sentiment which may help us capture fluctuations in the market today.
Gold -XAU/USD – Weekly Outlook
Recalling our earlier update Gold Testing Crucial Level – Check Out Weekly Outlook, the yellow metal is facing strong support near $1,237. It’s trendline and the 200 periods moving average is supporting gold near $1,237. The same level $1,237 also supported gold back in April 2017 and in July 2018.
The leading indicators, RSI and Stochastics are massively oversold and are holding below 20.
Gold – XAU/USD – Trade Idea
I will be looking to take another sell position below $1,240 with a stop loss above $1,243 and a take profit near $1,236. Good luck!