Gold Swing Trade Pays Off +80 Pips – Quick Update on Trading Signal
Arslan Butt • 1 min read
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.
- 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.