Quick Update on Gold Signal – Trade the Range!

Posted Wednesday, November 14, 2018 by
Arslan Butt • 1 min read

GOLD prices inched up as the Greenback reversed from a 16-month high touched earlier in the week, amid a jump in the Euro and Sterling over a draft Brexit agreement.

In addition, the US President Donald Trump’s head economic adviser told that the United States welcomed the resumption of discussions with China on trade, while Vice President Mike Pence urged Beijing to adjust its behavior so as to evade a new cold war with the United States. This ultimately drives the safe-haven demand in the market.

For the moment, gold is trading in a tight range of $1,199 – $1,205 which may get violated on the release of US inflation figures. The bullish breakout is likely to lead gold prices towards $1,211 and $1,216. Whereas, the market can stay bearish below $1,205 until $1,199 and $1,193.

Support Resistance
1197.33 1206.14
1192.43 1210.05
1183.62 1218.86
Key Trading Level: 1201.24

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About the author

Arslan Butt is our 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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