Gold’s Standstill Below $1,229 – Haven Appeal Fades! - Forex News by FX Leaders

Gold’s Standstill Below $1,229 – Haven Appeal Fades!

Posted Monday, October 22, 2018 by
Arslan Butt • 1 min read

GOLD prices edged slightly higher on Monday but failed to break the significant support level of $1,229. Looks like the investors are trading the risk-on sentiment due to potential earnings reports from names like Amazon, Google parent Alphabet, Boeing and McDonald’s. Consequently, the stock indices are trading bullish while weighing on the precious metal gold.

Technically speaking, gold is stuck below a triple top level of $1,229 and the market may fall towards $1,224 and $1,222 today. The RSI is trading below 50, which is a strong indication of the bearish bias of traders. Most importantly, gold is peaking out of the ascending triangle pattern and it may violate the pattern on the lower side.

Support Resistance
1223 1230.79
1219.15 1234.73
1211.36 1242.52
Key Trading Level: 1226.94

Gold – Trade Plan

Fellas, the idea is to stay bearish below $1,229 to target $1,224 and $1,222 today. Whereas, the buying entry is preferred above $1,220. 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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