Three Things to Know Before Trading GOLD Today
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.