Gold Trades Sideways as Investor Focus Shifts to Brexit Vote - Forex News by FX Leaders

Gold Trades Sideways as Investor Focus Shifts to Brexit Vote

Posted Tuesday, January 15, 2019 by
Arslan Butt • 1 min read

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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About the author

Arslan Butt // 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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