Gold Holds Below 100 MA – a Potential Sell Opportunity - Forex News by FX Leaders

Gold Holds Below 100 MA – a Potential Sell Opportunity

Posted Thursday, March 14, 2019 by
Arslan Butt • 1 min read

The yellow metal gold reached nearly a two-week high on Wednesday around $1,311. The buying trend was triggered in response to tepid US economic data which reinforced views that the Federal Reserve would be patient on the monetary policy.

In addition, the safe haven demand triggers over uncertainty caused by Brexit deal ahead of a key vote. Since the Asian session, traders have started taking profits in gold, causing a reversal in the market.

GOLD has dropped to $1,305 and it’s very likely to find support around $1,300 and $1,293. On the upper side, gold may find resistance around $1,308.

Support    Resistance
1304.77    1312.42
1300.44    1315.74
1292.79     1323.39
Key Trading Level: 1308.09

Gold – XAU/USD – Trade Idea

The idea is to stay bearish below $1,308 with a stop loss above $1,311 and take profit of around $1,300 and $1,297.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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