Choppy Trading in Gold – Two Ways to Trade Today - Forex News by FX Leaders

Choppy Trading in Gold – Two Ways to Trade Today

Posted Friday, August 17, 2018 by
Arslan Butt • 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.

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.
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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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