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How to Trade Gold on Monday? – Quick Technical Update!

GOLD trades bearish near $1,223 as the dollar retrieved momentum and an improvement in risk sentiment lifted stock markets in Europe, denting bullion’s appeal.

Taking a look on the technical side, gold was trading in the ascending triangle pattern which extended a solid resistance near $1,228 along with a support near $1,225.

Typically, ascending triangle pattern breaks on the upper side, but this time, the pattern is violated on the lower side. You heard me right, gold has violated $1,225 support to trade at $1,223.

Thing is, the market is very likely to stay bearish below $1,223 to target $1,219 and $1,214. Whereas, gold is likely to go after $1,228 and $1,234 only if it manages to hold above $1,223.

Support   Resistance
1219.44      1227.57
1215.84      1232.1
1207.71       1240.23
Key Trading Level: 1223.97

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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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