Gold Trading Signal Hit Take Profit – Eyes on $1,237 - Forex News by FX Leaders

Gold Trading Signal Hit Take Profit – Eyes on $1,237

Posted Friday, July 13, 2018 by
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.

Gold - Bullish Trendline In Focus
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!

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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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