Gold breakout expected during the US session – Who’s up for trading?
Arslan Butt • 1 min read
Its been a volatile day for gold as the prices are moving both sides (mostly bearish) during the course of the day. Overall, the precious metal is under pressure from a stronger dollar and due to an easing of trade tensions. The meeting between E.U and the U.S. was quite a success as they agreed to refrain from imposing tariffs on cars from the European Union.
For now, the investors are waiting for the advance GDP figures from the U.S. This figure usually drives 50/60 pips movement in the gold and even more when the economic event comes out with huge divergence.
GOLD – XAU/USD – Choppy Trading
Looking at the 2 – hour chart, gold is trading below a double top resistance area of $1,234 and it can slide down until $1,215. The violation of 1,215 can lead gold prices towards $1,210.
On the upper side, the 100 periods of MA is likely to provide resistance near $1,224 today. The violation of $1,224 can lead gold prices towards $1,228 and $1,233. Anyway, I just closed the forex trading signal on gold at $1218.50. Let’s wait for the advance GDP q/q figures for now to decide the next moment. Good luck!