Gold’s Trading Range & Potential Trade Idea Today
Trading activity and volatility are a bit thin today in the wake of no economic events. Therefore, gold prices are also steady above a strong support level of $1,277.
Quick Fundamental Overview
Most of the support is extended by concerns over a slowing global economy and an extended US government shutdown, but the safe-haven metal’s gains were capped by strong technical resistance and a firmer US dollar.
It’s been 34 days and it’s the longest US government shutdown in history. Investors are concerned about its the financial impact on the economy. So we can say it’s triggering the safe haven appeal for gold.
GOLD – XAU/USD – Technical Outlook
The yellow metal is trading sideways, tossing in a narrow range of $1,285 – $1,277. The RSI is also revolving around 50, giving no clear cut indication of a trend.
So, this is how we can trade gold today. I’m going to take taking a sell at $1,287 and a buy above $1,277.
Alternative Scenario: I will be entering a buying position upon a bullish breakout at $1,286 as gold may go after $1,292.
Good luck!
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