Gold Ends its Bullish Momentum – An Update on Trading Signal

Gold remains steady ahead of the G20 meet in Argentina this weekend, where U.S. and Chinese leaders are scheduled to discuss trade matters..


GOLD prices are almost flat below $1,228 early on Friday as the FOMC minutes failed to surprise the market. You can refer to FOMC minutes key points shared by one of my colleagues, Shain.

For now, the market remains steady ahead of the G20 meet in Argentina this weekend, where US and Chinese leaders are scheduled to discuss trade matters after months of tensions.

A day before, GOLD soared to place a new high of $1229.03 but failed to close above a double top resistance level of $1,228. The bearish engulfing pattern below $1,228 confirms that the market is respecting the double top resistance.

Support    Resistance
1221.34     1228.1
1218.45     1231.97
1211.69     1238.73
Key Trading Level: 1225.21

 

GOLDTrading Signal Update

Fellas, we opened a sell position below $1,226 with a target of $1,222 on Thursday and I’m looking to hold it until the precious metal is trading below $1,228. On the flip side, buying will be preferred above $1,228 to target $1,234.

Good luck!

 

ABOUT THE AUTHOR See More
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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