Choppy Trading in Gold – Asymmetric Triangle In Play!

Posted Monday, September 3, 2018 by
Arslan Butt • 1 min read

Gold prices are trading in the tight range of $1,197 – $1,207 as the U.S. markets will remain closed in the observance of labor day. Although, the trading activity will be there but it can be very thin to catch something. Still, we can give a try to capture quick 20/25 pips.

The asymmetric triangle pattern is keeping the gold in check and that’s because of lack to trading volume, but with this, we also get an opportunity to trade the breakout. The upward trend line is supporting the precious metal at $1,197 along with a resistance near $1,204.

We can sell gold on bearish breakout at $1,196 to target $1,193 and $1,187. While, buying seems to be a good idea above $1,198. Stay tuned to FX Leaders signals page for more 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 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