Gold Strives to Stay Above $1,200 while Risk Appetite Heightens - FX Leaders News
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.

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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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