Choppy Sessions in Gold – Trade the Ascending Triangle by FX Leaders

Choppy Sessions in Gold – Trade the Ascending Triangle

Posted Monday, January 14, 2019 by
Arslan Butt • 1 min read

On Monday, the yellow metal gold inched up to trade at $1,292, adding +0.21% for the day. The commodities are supported by expectations that the US Federal Reserve will not hike rates this year.

The precious metal gold faced strong technical resistance at $1,300, keeping the bullion range-bound for the past couple of weeks. On the 3 hour chart, gold has formed a symmetric triangle pattern which is keeping the gold in a narrow range. The intraday range remains at $1,297 – $1,287.

Support Resistance
1284.51 1292.93
1281.48 1298.31
1273.06 1306.72
Key Trading Level: 1289.89

On the upper side, the violation of $1,295 can lead gold prices towards $1,300. Whereas, gold can stay bearish below $1,287.

I will be looking to trade choppy sessions until the market trades in the same range. Good luck!

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About the author

Arslan Butt is our 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.
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