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

The precious metal gold is still supported on expectations of a pause in the US interest rate hikes in the year 2019.


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!

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.

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