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