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

Gold is trading bullish after falling in the previous session, as the dollar eased and markets awaited a speech by the Federal Reserve...


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.

Stay tuned to FX Leaders signals page for more updates!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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