Quick Update on Gold

Gold ready to meet 61.8% Fibo level – Is it good time to sell?

Posted Tuesday, August 21, 2018 by
Arslan Butt • 1 min read

Fellas, gold prices soared on the back of a softer U.S. dollar, extending profits for the third consecutive session. Most of the buyers came in due to retracement in the dollar index after U.S. President Donald Trump said that he was “not thrilled” with the U.S. Federal Reserve for boosting interest rates.

That’s because the stronger dollar makes U.S. products expensive for foreign buyers. Likewise, it makes imports less costly, causing a widening trade deficit.

Gold - 4 Hour Chart

Gold – 4 Hour Chart

Gold is heading north to complete 61.8% Fibonacci retracement at $1,195. We probably can find a selling trade below this level. On the 4 – hour chart, gold has to meet a downward trendline which can provide it a solid resistance near $1,199.

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About the author

Arslan Butt is our 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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