Choppy Trading in Gold – Two Ways to Trade Today

The precious metal is following a choppy trading session in the absence of high impact economic events. It worked well in our favor as we...


What’s up, traders.

The precious metal is following a choppy trading session in the absence of high impact economic events. It worked well in our favor as we managed to close two winning trading signals on gold, one was closed overnight. On Thursday, we discussed in our earlier update Gold jumps to hit our take profit – Are you ready for next trade? how gold failed to violate the major resistance level of $1,182. Below this, the market can continue to trade sideways.

Gold 4 - Hour Chart

On the lower side, gold has a nice support near $1,170. The violation of support can lead gold prices towards $1,160. While the bullish breakout can drive further bulls until $1,192.

Two Ways to Trade

So, my plan is to:

  • Choppy Trading – Selling below $1,182 to target $1,172 with a stop loss above $1,184
  • Choppy Trading – Buying above $1,170 to target $1,178 with a stop below $1,167.
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.

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