Gold Signal in +40 Pips Profit - Let's Manage it! - Forex News by FX Leaders

Gold Signal in +40 Pips Profit – Let’s Manage it!

Posted Tuesday, November 20, 2018 by
Arslan Butt • 1 min read

Recalling our previous update, Gold Looking to Breakout – It’s an Ascending Triangle this Time, we entered a buy position near $1,224 to target $1,229 and the good thing is, the signal is already making +40 green pips for us. All we need is to manage the risk here. So, here’s a plan…

Earlier today, the precious metal was holding below a solid resistance level of $1,224 which is extended by an ascending triangle pattern. So the ascending triangle pattern does break on the upper side, helping us make some profits.

GOLD – XAU/USD – Trade Idea

For now, gold is likely to go after an immediate target level of $1,229 and the violation of this is going to push it towards $1,237.

So, here’s an idea – let’s close the gold position now to secure the profits and take another entry above $$1,225 with the same stop loss of $1,221 and take profit of $1,229 and $1,236.

Good luck!

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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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