Gold Secures +30 Pips – Buckle Up for Next Trade! - Forex News by FX Leaders

Gold Secures +30 Pips – Buckle Up for Next Trade!

Posted Monday, November 12, 2018 by
Arslan Butt • 1 min read

Surprisingly, it’s been a volatile Monday as investors seem to price in the positive forecast for US Inflation and Retail Sales figures. The thing is, we were able to capture an earlier sell-off in gold to secure quick 30 pips. Here’s my next trade plan…

GOLD – XAU/USD – Bearish Channel Plays

  • As we can see on the 2-hour chart, the yellow metal has formed a downward channel which is supporting it at $1,203. The resistance is likely to be at $1,210.
  • The RSI and Stochastics hold below 50, confirming the bearish trend.
  • The bearish engulfing pattern on 2- hour chart is showing the dominance of sellers.

Support Resistance
1203.84 1218.89
1197.79 1227.89
1182.74 1242.94
Key Trading Level: 1212.84

For now, we can expect a slight pullback until $1,210 and probably here we can take another sell entry.

Let’s wait for our call and stay tuned to FX Leaders forex trading signals.

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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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