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

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

Gold - 4 Hour Chart

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.

[fxml_m0re_topics]

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.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers