Gold completes 61.8% Fibo retracment – Is it time to place a buy?
Arslan Butt•Thursday, October 4, 2018•1 min read
What’s up, fellas.
The precious metal gold came under selling pressure after surprising economic events from the United States. The Institute for Supply Management’s (ISM) non-manufacturing activity index jumped 3.1 points to 61.6 last month, the highest reading since August 1997. Moreover, the ADP employment report also showed private payrolls surged by 230K jobs in September, the largest gain since February.
Here’s a quick technical outlook:
- Gold has priced in the data and has completed 61.8% retracement at $1,196.
- 50 periods EMA is supporting the metal at $1,196.
- The doji candle above $1,196 is signaling a neutral sentiment of investors.
- The RSI is coming out of an oversold zone, which may drive buying in gold.
XAU/USD – Gold Trade Plan
Considering this, we have opened a forex trading signal to buy gold above $1,196 with a stop below $1,193 and take profit at $1,203. Good luck!
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ABOUT THE AUTHOR
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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.
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