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

Posted Friday, March 15, 2019 by
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.

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Yesterday the FED delivered a hawkish pause with the DOT Plot pointing to more rate hikes, today the SNB and the BOE should hike by 25 bps
1 day ago
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments