Gold sideways channel breakout – Is it going after $1,192? - Forex News by FX Leaders
Gold - 2 Hour Chart

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

Posted Monday, August 20, 2018 by
Arslan Butt • 1 min read

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.


Gold - 2 Hour Chart

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!

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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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