Gold on fire – Bulls seems to dominate the market - Forex News by FX Leaders

Gold on fire – Bulls seems to dominate the market

Posted Monday, August 27, 2018 by
Arslan Butt • 1 min read

Gold prices edged up after marking their largest one-day percentage gain in over a year on Friday. Most of the bullish trend came in response to the U.S. dollar retracement on remarks from the Federal Reserve chair in support of a gradual approach to raising rates.

The Fed chair Jerome Powell supported the U.S. central bank’s intentions to hike interest rates despite President Donald Trump’s criticism of higher borrowing costs.

Gold - 240 Min Chart

Gold – 240 Min Chart

As you can see on the 4 – hour chart, gold has entered the overbought zone. The RSI is holding near 90, signaling a strong bullish trend in gold.

The immediate resistance prevails at $1,207 and the bullish breakout can lead gold prices towards $1,214. Whereas, gold can stay bearish below $1,207 until $1,199. I will be looking to take a buying position above $1,208 to target $1,212.

Good luck and stay tuned to FX Leaders for more exciting forex trading signals.

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 // 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

Leave a Reply

Notify of