Gold Finally Breaks Out of the Range – a Potential Sell Opportunity Ahead
Gold traded in a sideways range of $1,246 - $1,241 throughout the week, but it seems to break out on the lower side. Horizontal trendline...
Arslan Butt•Friday, December 14, 2018•1 min read
Earlier today, gold prices steadied after slipping to a week-low in the previous session, supported by the uncertainty around the Federal Reserve’s next year’s policy outlook, while the dollar strengthened on expectations of a rate hike next week.
- Gold traded in a sideways range of $1,246 – $1,241 throughout the week, but it seems to break out on the lower side.
- Horizontal trendline support can be seen at $1,236 and $1,2333 today. While resistance is likely to be at $1,241.
- The RSI & stochastics are holding below 50, supporting a selling bias. In addition, gold prices are trading below 20 & 50 moving averages, which signifies the selling bias of traders.
Support Resistance
1242.66 1247.93
1239.72 1250.26
1234.45 1255.53
Key Trading Level: 1244.99
Gold – XAU/USD – Trading Signal
We just have opened a forex trading signal to sell below $1,240 with a stop loss above $1,244 and take profit at $1,236. The market is moving in our favor, so let’s move take profit at the breakeven point now.
Good luck!
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ABOUT THE AUTHOR
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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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