Gold Price Reaches 10-month Highs – Wait for a Swing Trade Plan

On Wednesday, the yellow metal gold continues to trade at 10-month highs around $1,344. Most of the bullish trend is supported by...


On Wednesday, the yellow metal gold continues to trade at 10-month highs around $1,344. Most of the bullish trend is supported by global slowdown concerns and a weaker dollar.

Moreover, the US President Trump announced he needs North Korea to end its nuclear program, even as he sends his special representative to conclude preparations for a second summit with North Korean leader Kim Jong Un next week. The summit is triggering bullish sentiment for safe haven assets such as gold.

The US Federal Reserve is also in highlights for the release of FOMC meeting minutes which are more likely to be dovish, but let’s see.

Support Resistance
1322.71 1329.07
1318.87 1331.59
1312.51 1337.95
Key Trading Level: 1325.23

Gold XAU/USD – Swing Trade Plan

Technically, gold is heading north towards the triple top resistance level of $1,354. Since it’s already in the overbought zone, a closing of any candle below this level (1354) can trigger a sell-off today or later this week. The stop loss needs to be around $1,364 with a take profit of around $1,326.

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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