Gold Takes a Sharp Dip – Buckle Up for a Buy Position - Forex News by FX Leaders

Gold Takes a Sharp Dip – Buckle Up for a Buy Position

Posted Friday, January 18, 2019 by
Arslan Butt • 1 min read

Fellas, the precious metal GOLD is trading slightly lower at $1,288, down 3.45 points on Friday. The bearish sentiment was triggered after a report that the US is considering easing tariffs on Chinese products. The report improved sentiment toward risk assets and hit demand for safe havens.

Well, things are turning in our favor. A few days back, team FX Leaders opened a forex trading to sell gold around $1,292 and since then the market was stuck in a thin range. Finally, the market is on a move now and gold is heading towards an intraday support area of $1,287.

Support Resistance
1288.86 1295.18
1285.66 1298.3
1279.34 1304.62
Key Trading Level: 1291.98

Here’s an idea: we are going to keep our long term sell position on hold. However, $1,287 is a pretty solid support level and the market can bounce off at least once from this level.

We may open a buy position around $1,287 with a stop loss at $1,283 and take profit at $1,292.

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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