Gold Hitting Bottom at 61.8% Retracement – is it Moving Up?
Arslan Butt • 1 min read
It’s a good day so far as the market is trading slightly, but it hashelped us secure green pips in GBP/JPY. We are holding crude oil position in profit, so we would advise you to move stop loss at the breakeven level to avoid sudden reversals.
Gold prices traded near a two-week low around $1,317 as the US dollar recovered losses after cautious remarks from US Trade Representative Robert Lighthizer on the US-China trade deal.
The ongoing tensions between India and Pakistan are keeping stock markets on their toes. So, gold gives a safe haven demand in return, and this is why we have seen a sharp rise in gold today. On the technical side, gold has completed 61.8% Fibonacci retracement at $1,317 and it’s bouncing off this level. Gold’s next target can be $1,327 and $1,330.
The 50 periods EMA will be there to provide an immediate resistance at $1,327.
GOLD – XAU/USD – Trade Plan
Consider staying bullish above $1,317 with a stop loss below $1,314 and take profit of around $1,327. While selling should be preferred only below $1,332.