Gold Ends its Bullish Momentum – An Update on Trading Signal

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

GOLD – Trading 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!