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.

Stay tuned to FX Leaders signals page for more updates!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
eToro announces a significant cut in spreads on cryptoassets to increase awareness of the potential of crypto and blockchain more broadly
SPONSORED
Comments

Leave a Reply

avatar
  Subscribe  
Notify of