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

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 See More
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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