Bullish Breakout in Gold – a Quick Update on Trading Signal

The precious metal gold is trading around $1,286.55, adding +5.25 points for the day. Despite the bank holiday, gold managed to break out...


The precious metal gold prices rose over demand for safer investments as investors felt concerned about the outlook for global economic growth. The dollar index has begun the week with a sharp bearish turn, falling around -0.27% to trade at 95.70. That’s been trading exactly in line with our monthly forecast Why Dollar Index Might Fall in Q1 2019?

Investors boosted the demand for the yellow metal after a dovish FOMC in December. There are expectations that a three-year rate-hiking cycle in the United States has come to a close. The market expects two rates in the year 2019 now.

For now, the precious metal is trading around $1,286.55, adding +5.25 points for the day. Despite the bank holiday, gold managed to break out of the long-standing resistance level of $1,283. Now that opens further room for buying in gold until $1,290.

Trade Plan – Gold
Fellas, consider taking bullish positions above $1,285 with a stop loss below $1,283 and a take profit of $1,288 and $1,290 today.

All the best!

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.

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