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!