Gold - 4 Hour Chart

Gold violates descending triangle pattern – Quick update on trading signal!

Posted Monday, August 13, 2018 by
Arslan Butt • 1 min read

As discussed earlier in our update Gold peaking out descending triangle – Is it going for $1197? Gold has just violated the descending triangle pattern. For the moment, gold has nice chances to target $1,201 and $1,197.

Our second forex trading signal on gold is still active and it’s trading in 20 pips profit. If you haven’t placed it yet, I would recommend holding on a bit until market retraces back to $1,204 area. For those of youwho are already in trade, we suggest you move your stop loss at a breakeven price.

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Gold - 4 Hour Chart

Why is gold bearish?

Well, the dollar index is gaining an immense amount of attraction. Increased demand is making the Greenback stronger, ultimately making gold and other commodities less attractive for investors. You can refer to FX Leaders Aug 13 – Morning Brief for handy info and analysis on the dollar index.

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About the author

Arslan Butt is our 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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