Safe Haven Gold Trade Hits Take Profit, What’s Next?

Arslan Butt•Thursday, December 20, 2018•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.

Good luck!

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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.