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...
Arslan Butt•Friday, August 17, 2018•1 min read
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.
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.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
ABOUT THE AUTHOR
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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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