Three White Soldiers in Gold - Is it going for $1,213? - Forex News by FX Leaders

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

Posted Friday, August 31, 2018 by
Arslan Butt • 1 min read

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

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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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