Three Things to Know Before Trading GOLD Today - Forex News by FX Leaders

Three Things to Know Before Trading GOLD Today

Posted Monday, January 7, 2019 by
Arslan Butt • 1 min read

It was a strong closing of the week by team FX Leaders, and I hope you are ready to capture some nice trades this week. The market this week is all about fundamentals, such as FOMC, Canadian rate decision, and the US inflation rate. At the moment, I’m looking to trade Gold. Are you up for this?

Gold/ XAUUSD – Technical Outlook

Traders, allow me to share three technical reasons to stay bullish on Gold today.

1- 20 & 50 Periods EMA – The yellow metal struggled hard to break below $1,280 support level, extended by the 20 & 50 periods EMA on the 4-hour chart, but it failed to violate this level. The prices above EMA signify a bullish sentiment of investors.

2- Trendline Resistance – You can see on the 4- hour chart that the bullish trendline which was providing support at $1,280 has been tested but the prices failed to drop below it.

3- Both leading indicators, RSI and Stochastics are holding in the buying zone, above 50. This indicates that buyers looms around the corner and will soon enter the market.

GOLD / XAUUSD – Trade Idea

The idea is to stay bullish below $1,283, with a stop below $1,278 and take profit at $1,295.

Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of