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.

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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers