Gold Swing Trade Pays Off +80 Pips – Quick Update on Trading Signal

On Friday, the precious metal gold rose above a psychological trading level of $1,300, recovering from the previous session’s sharp fall...


Howdy, traders. This week has been a roller coaster ride as the market remained extremely uncertain and volatile over the Brexit vote. But closing a week in green is all that matters. One of our long term trading signals in gold is doing a pretty good job and it’s very likely to get us +80 pips before the weekend. Here’s how we are looking to manage it.

On Friday, the precious metal gold rose above a psychological trading level of $1,300, recovering from the previous session’s sharp fall, as the dollar dipped. Moreover, mounting worries about a slowdown in global economic growth boosted demand for the safe-haven assets.

Looking at the technical side, almost all of the technical indicators are signaling a strong bullish trend in gold.

For instance:

  • Gold tested 100 periods moving average at $1,293 and bounced off to trade bullish.
  • There’s a bullish crossover on the 14 days RSI (relative strength index).
  • There’s a bullish trendline supporting the yellow metal above $1,296. While the resistance $1,307.

Gold – Trading Signal

We are holding our buying position at $1,295 with a stop loss below $1,281 and take profit of around $1,303.75.

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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