Gold’s Safe Haven Diminishes – Bearish Gartley in Action! - Forex News by FX Leaders

Gold’s Safe Haven Diminishes – Bearish Gartley in Action!

Posted Tuesday, October 2, 2018 by
Arslan Butt • 1 min read

Gold remains under pressure as the risk appetite diminished after getting a boost from an agreement between the United States and Canada to salvage a North American free trade deal. Which is why the demand for haven assets seem to drop.

As a result, gold is trading under pressure. Recalling our previous update, Gold Takes A Bullish Turn – Bullish Butterfly In Play, gold traded in line with the forecast and remained bullish.

For the moment, we have a new Gartley pattern which is bearish in nature. As you can see on the hourly chart, gold is heading towards $1,195 to complete C to D wave. Technically, this level should work as a major resistance now.

So my plan is to wait for a bullish breakout to target $1,200. Else, gold is likely to stay bearish until $1,188. Good luck and stay tuned!

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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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