Gold Trades Bearish Over Risk-on Sentiment – Quick Technical Outlook

Gold is still facing strong resistance near $1,325 and $1,315. The closing of weekly candle below this level is making it more bearish.

gold

Recalling FX Leaders’ previous forecast, Trading Gold on the US Nonfarm Payroll, the market traded exactly in line with our forecast, helping us secure nice profits in gold not only on Friday but also today on Monday.

The risk-off sentiment has turned to risk-on as the US markets had a mixed finish to the week. The Dow and S&P managed to close a positive day whilst the Nasdaq fell slightly after a lower sales forecast from Amazon.

Moreover, the risk-aversion faded amid some signs of progress in the US-China trade talks and as the dollar firmed.

GOLD is still facing strong resistance near $1,325 and $1,315. The closing of weekly candle below this level is adding further selling pressure in gold. Next support can be seen around $1,307 and $1,304.

Gold – XAU/USD – Trading Levels
Support Resistance
1318.01 1325.76
1314.43 1329.92
1306.69 1337.67
Key Trading Level: 1322.18

Gold// XAUUSD – Trading Idea
Today, the idea is to stay bearish below $1,315 with a stop loss above $1,318 and take profit around $1,307 today.

Good luck!

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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