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!