Safe Haven Gold Trade Hits Take Profit, What’s Next?
Arslan Butt • 1 min read
It’s been a good day so far as team FX Love has managed to capture fiving winning forex trading signals during the Asian session. During the Asian session, GOLD prices edged higher to trade below $1,250.
The yellow metal was mostly supported by a softer dollar and weakness in the equities market after the US Federal Reserve gave a less-dovish outlook on monetary tightening than many had expected.
At the moment, gold is trading at $1,249 with a bullish bias. On the 4-hour chart, the bullish trendline is supporting the precious metal at $1,244. While the double top pattern is likely to give bulls hard time at $1,252. Technically, the bullish breakout at $1,252 can lead gold towards $1,258.
Although we are holding our long-term sell at $1,248 with a target of $1,221.9, stay tuned to FX Leaders forex trading signals page because we may open short-term trades in gold from time to time.