ABCD pattern in Gold – Is it going for $1,181?

Posted Wednesday, August 15, 2018 by
Arslan Butt • 1 min read

Today during the early Asian session, gold prices slid to their lowest since January 2017, pressured as the dollar index soared to its highest in 13 months. No surprises here, it’s exactly what we suggested in our previous update Aug 14 – Economic Event Brief.

Gold - 2 Hour Chart

Gold – 2 Hour Chart

Gold seems to form an ABCD pattern on the 2-hour chart. As you can see, it has complete 38.2% retracement near $1,198 and has also violated the major support zone of $1,192.

The recent bearish engulfing candle is suggesting a strong bearish sentiment of traders and it has nice chances to go after $1,187 and $1,181.

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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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