Gold sideways channel breakout – Is it going after $1,192?

What’s up, traders.

On the 2 hour timeframe, gold has violated the sideways trading range of $1,169 – $1,182. You can also see a bullish crossover on the 50 periods moving average which earlier provided a solid resistance near $1,183.

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Gold – 2 Hour Chart

In order to encash this breakout, we just shared a forex trading signal to open a buying position near $1187.52 with a stop loss below $1,184 and take profit at $1,190. Anyway, gold is very likely to go after $1,192 and then $1,196.

Do check out FX Leaders weekly support and resistance levels for gold at Aug 20 – 24: Weekly Technical Levels for Gold & WTI Crude Oil. Good luck!