Safe Haven Gold Hits Take Profit, What’s Next on the Cards?
The greenback bounced off two and a half month low of $95.64, triggering a correction in gold. Watch out the next trade plan.
The precious metal took a bearish turn, helping us secure 30 green pips during the Asian session. Most of the sell-off was triggered as risk appetite recovered on bets that China and the United States may be agreeing on a trade deal.
Besides that, the Greenback bounced off two and a half month low of $95.64, triggering a correction in gold. Fortunately, we were up to capture this particular trade setup. Here’s the next one.
Taking a look on the technical side, the bias is bearish beneath $1,292. On the 3-hour timeframe, gold is likely to close a bullish pin bar which may send prices higher in the short-term. This pin bar candle is closing right above $1,280 support area.
So, here’s the thing – the violation of $1,280 can trigger further sell-off in gold until $1,275. Whereas, gold can bounce off above $1,280 to target $1,292 today.
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