Gold Bounces off $1,313 Support – Here’s a Trade Plan

Gold steadied on Wednesday and continues to trade in the bullish channel. The bullish channel was providing support of around $1,313 today...


The precious metal gold steadied on Wednesday and continues to trade in the bullish channel. The bullish channel was providing support around $1,313 today as a firm dollar offset bullion’s gains arising from worries over a possible recession in the United States.

Uncertainties about Brexit are also boosting bullion’s safe-haven demand. Besides that, China may expand US pork imports to a record high level as part of a pledge to support buying from the US side. The idea is to resolve the trade war issue.

The positive gesture from China is well appreciated, it’s one step towards a trade deal with the US. It also reduced the safe-haven appeal.

On the technical side, gold has tested the $1,313 support area and managed to close a bullish candle above it.

Certainly, the bulls are testing the level and are still trading gold with a bullish sentiment. On the upper side, gold may face resistance around $1,320 and $1,324.

Gold – Trade Idea

We just opened a buy signal in gold with an entry price at $1,318 with a stop below $1,315 and take profit at $1,321.

Good luck!

ABOUT THE AUTHOR See More
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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers