110 Green Pips In Gold - Are You Ready For Next Trade? - Forex News by FX Market Leaders

110 Green Pips In Gold – Are You Ready For Next Trade?

Posted Monday, October 15, 2018 by
Arslan Butt • 1 min read

What’s up, traders.

Recalling our precious update on gold, Risk-off sentiment drives bulls in Gold – Is it going after $1,232? the precious metal traded in line with our forecast and our forex trading signal managed to secure 110 green pips, thanks to the weaker dollar sentiment.

Who’s up for the next trade?

On the hourly chart, the precious metal gold has entered the overbought zone and the bulls may start taking profit near $1,233, just like we did. If that’s the case, we may see a correction in gold prices until $1,227 and $1,224.

The recent candle on the hourly chart is half bullish and half bearish. It’s demonstrating that the bulls are exhausted and the sellers are looming around the corner. Gold is likely to face an immediate resistance near $1,234 while support prevails at $1,227.

Gold – Trade Plan

In order to catch a quick retracement, we have opened a sell position in gold below $1,232 with a stop above $1,236 and take profit near $1,227. Good luck!

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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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