Gold Trades Sideways as Investor Focus Shifts to Brexit Vote
As mention earlier in the daily brief, the financial markets are trading sideways ahead of the Brexit vote. The UK Parliament will vote to decide on the passage of the deal triggering Article 50 with the European Union.
Speaking of gold, its price held steady around $1,290 during the Asian session, supported by market expectations of fewer interest rate hikes in the year by the US Federal Reserve.
Support Resistance
1284.51 1292.93
1281.48 1298.31
1273.06 1306.72
Key Trading Level: 1289.89
Gold has formed an ascending triangle pattern which is keeping it in a narrow range of $1,294 – $1,287. On the upper side, the violation of $1,294 is likely to lead gold prices towards $1,300. Whereas, gold can stay bearish below $1,287.
Gold – XAU/USD – Trade Plan
The idea is to trade the choppy sessions. Selling below $1,293 and buying at dip around $1,286 seems to be an idea today.
Good luck!
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