Early Morning Profits in Gold – Buckle up for Next Trade!
Arslan Butt • 1 min read
What’s up, traders.
GOLD has been trading massively bearish since the release of hawkish FOMC and a better than expected US employment report. The CPI and Retail Sales figures which are due to be released this week are also forecast to be significantly positive.
Long story short, investors aren’t finding any reason to buy gold. In response, team FX Leaders managed to grab profitable trades on both, the selling and buying side.
For the moment, gold has completed the 61.8% retracement at $1,204 and has formed a shooting start candle right blow it. That signals a bearish bias of traders.
Key Trading Level: 1203.63
GOLD – XAU/USD – Trade Setup
The yellow metal is facing an immediate resistance at $1,204 and it can stay bearish below this level to target $1,199 and $1,193. Whereas, I will be looking to open a buy signal on the violation of $1,204.