Gold Stuck in the Same Range for the Fourth Day – Another Cool Setup - Forex News by FX Leaders

Gold Stuck in the Same Range for the Fourth Day – Another Cool Setup

Posted Wednesday, January 16, 2019 by
Arslan Butt • 1 min read

What’s up, fellas.
I hope you are enjoying the choppy sessions in GOLD , exactly in line with our forecasts. The precious metal is still supported on expectations of a pause in the US interest rate hikes in the year 2019.

Besides that, the Greenback spiked at first but later declined against the Pound after lawmakers voted down British Prime Minister Theresa May’s deal to leave the European Union.

As you know, weaker dollar increases the demand for safe-haven assets such as gold and Japanese Yen. That’s the reason why gold is still trading bullish despite the bullish trend in stock indices.

Support Resistance
1285.83 1293.86
1282.3 1298.36
1274.27 1306.39
Key Trading Level: 1290.33

The technical side of the market is still the same, and I would advise following the same trading levels as before. Gold is still holding in a thin trading range of $1,294 – $1,287.

The bullish breakout of $1,294 is likely to lead gold prices towards $1,300. Whereas, gold can stay bearish below $1,287.

All the best for today!

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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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