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!
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals