How to Trade Gold on Monday? - Quick Technical Update! - FX Leaders News

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

Posted Monday, November 26, 2018 by
Arslan Butt • 1 min read

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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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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