Three White Soldiers in Gold – Is it going for $1,213?

Gold is trading bullish near $1,206 after dropping to $1,199 today. It's mostly because the dollar stayed firm on expectations of rising...


Gold is trading bullish near $1,206 after dropping to $1,199 today. It’s mostly because the dollar stayed firm on expectations of rising interest rates amid lingering Sino-U.S. trade tensions, and the yellow metal was headed for its fifth straight monthly decline.

Gold - 180 Min Chart

Technically, gold has formed a ”three white soldiers ” pattern, which is signaling a strong bullish bias of traders. Gold can face an immediate resistance near $1,208 and the bullish breakout of this level can lead gold prices towards $1,213. On the lower side, the support prevails at $1,201.

Gold – XAU/USD – Key Trading Levels

Support Resistance
1195.17 1205.78
1190.44 1211.65
1179.84 1222.26
Key Trading Level: 1201.05

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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers