Gold Swing Trade Pays Off +80 Pips - Quick Update on Trading Signal - Forex News by FX Leaders

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!

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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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