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Gold Trade Hits Take Profit – What’s Next?

So far, it’s been a solid day as our forex trading signals captured 60 pips in EUR/USD and Gold, while USD/CHF is floating in profit. So what to expect from GOLD now? Let’s find out.

Quick Technical Outlook

  • The yellow metal dropped after forming a shooting star around $1,318 on the 3-hour timeframe.
  • The RSI and Stochastics have started coming out of the overbought zone. It’s a bearish signal and gold may fall further to complete 23.6% retracement at $1,314 and 38.2% retracement around $1,311.

Gold – 3 Hour Chart

Here’s a trading plan:
I will be looking to stay bearish below $1,318 with a stop loss around $1,320. Alternatively, I will prefer to buy above $1,310.

Good luck!

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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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