Gold testing 20 MA – $1,188 a crucial level to trade today! - Forex News by FX Leaders

Gold testing 20 MA – $1,188 a crucial level to trade today!

Posted Friday, August 24, 2018 by
Arslan Butt • 1 min read

Gold is trading bullish after falling in the previous session, as the dollar eased and markets awaited a speech by the Federal Reserve chairman for fresh clues about the direction of US monetary policy.

Gold is heading north to complete 61.8% Fibonacci retracement at $1,188. We probably can find a selling trade below this level but only upon confirmation. On the 2 – hour chart, gold is testing the 20 – periods moving average which is providing it a solid hurdle near $1,188.

Gold - 2 Hour Chart

Gold – 2 Hour Chart

The bullish crossover can lead gold prices towards $1,194 and $1,197. Whereas, gold can take a bearish turn below $1,188 to target $1,182 today.

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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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