Gold has made a bullish turnaround

Gold Strives to Stay Above $1,200 while Risk Appetite Heightens

Posted Friday, October 12, 2018 by
Arslan Butt • 1 min read

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.

Keep following FX Leaders for more updates on 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
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments