Gold has made a bullish turnaround

Gold – 50 Periods EMA pushing the precious metal lower!

Posted Tuesday, September 11, 2018 by
Arslan Butt • 1 min read

Gold is trading bullish at $1,194 as a weaker U.S. dollar supports the price of the precious metal. Actually, it’s not only the weaker dollar which is keeping the gold supported but also the safe haven appeal.

The demand for haven assets boosted as trade tensions between China and the U.S. continued. Especially after the U.S. President Donald Trump threatened to impose tariffs on $267 billion worth of Chinese imports.

Anyways, the precious metal has formed a tweezers bottom pattern on the 4 – hours chart which has also supported the bullish bias of investors. The 50- periods moving average is likely to provide a solid resistance to gold near $1,201.

The bullish crossover can lead gold prices towards $1,203 while the immediate support prevails at $1,192 today.

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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.
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