Gold Standstill Near 6-month High - Volatility Fades Over Holidays - Forex News by FX Leaders

Gold Standstill Near 6-month High – Volatility Fades Over Holidays

Posted Friday, December 28, 2018 by
Arslan Butt • 1 min read

GOLD held steady after climbing a six-month peak on Friday, backed by a weaker dollar. The concerns over global economic growth and turbulent stock markets drive the bullion to the second week of gains.

At the moment, the precious metal’s price remains bullish above the $1,274 support area. The market is slow but definitely bullish over rising demand for haven assets. On the upper side, gold can remain under pressure beneath the resistance area around $1,283.

Support Resistance
1268.51 1280.83
1261.46 1286.1
1249.14 1298.42
Key Trading Level: 1273.78

GOLD – XAU/USD – Trade Plan

Consider buy positions above $1,274 support zone with a stop loss below $1,270 and take profit around $1,282 today.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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