Gold Testing 50% Fibonacci Retracement - Safe Haven Appeal Kicks in - FX Leaders News

Gold Testing 50% Fibonacci Retracement – Safe Haven Appeal Kicks in

Posted Friday, November 16, 2018 by
Arslan Butt • 1 min read

The bullion market is finally gaining some bullish momentum over geopolitical tensions. Investors moved to safe-haven assets amid fears of a turbulent departure for Britain from the European Union. Moreover, the US dollar mostly remained weaker despite stronger than expected retail sales figures from the United States.

On the technical side, GOLD has completed the 50% retracement at $1,216. At the same time, 50 periods EMA is extending a solid resistance to gold near $1,216. The bullish breakout of 50% retracement level is likely to push gold towards 61.8% retracement at $1,219. We can expect a drop in gold prices only below $1,215.

Support Resistance
1208.75 1217.3
1204.11 1221.2
1195.56 1229.74
Key Trading Level: 1212.65

GOLD – XAU/USD – Trade Idea

We have opened a buy trade above $1,215 with a stop below $1,213 to target $1,219.

Good luck and stay tuned for more updates.

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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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