Gold jumps to hit our take profit – Are you ready for next trade? - Forex News by FX Leaders

Gold jumps to hit our take profit – Are you ready for next trade?

Posted Thursday, August 16, 2018 by
Arslan Butt • 1 min read

What’s up, fellows.

Recalling our earlier update, Gold plunges to 13 months low, we opened a forex trading signal to buy gold near $1,178 targeting the $1,182. The trade setup went exactly as planned to help us secure quick 40 pips. Are you up for the next setup?

Gold - 4 Hour Chart

Speaking of the technical points, gold has already completed 50% retracement at $1,179 and it may continue to go for 61.8% retracement at $1,184. Probably, that’s the level where I will be looking to take a sell position, of course upon the confirmation of technical factors.

Investors will also be looking for the U.S. economic events like building permits, housing stats, and Philly Fed manufacturing index to determine further movements in gold. In case you don’t know, the dollar shares a strong negative correlation with gold. Therefore, the positive data may drive bears in the bullion market today. Refer to Fxleaders Aug 16 – Economic Events Outlook for more understanding of trading these events.

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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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