Gold Strives to Stay Above $1,200 while Risk Appetite Heightens
GOLD is trading slightly bearish on Friday but still holds near a more than 10-week high on weaker dollar. The sinking of stock markets has led people to seek gold as a safe haven especially after a drop in the US inflation rate. A weaker CPI figure has put a question market on the further rate hikes in 2019.
I was looking to trade the potential retracement until 38.2% Fibo level of $1,211. As you can see, gold is already coming out of the overbought zone after making a couple of doji and bearish engulfing candles at the top. This signifies a potential for a bearish retracement.
Support Resistance
1201.91 1236.48
1179.61 1248.74
1145.05 1283.31
Key Trading Level: 1214.18
Gold – XAU/USD – Trade Idea
In the late Asian hours, we opened a forex trading signal to sell gold below $1,217 to target $1,214 with a stop above $1,221. Let’s see how the market treats us.
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