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Gold Hitting Bottom at 61.8% Retracement – is it Moving Up?

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.

Good luck!

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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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