Gold's Bullish Butterfly Making Us +40 Pips - Update on Gold Signal - Forex News by FX Leaders

Gold’s Bullish Butterfly Making Us +40 Pips – Update on Gold Signal

Posted Thursday, April 4, 2019 by
Arslan Butt • 1 min read

A couple of days ago, Team FX Leaders spotted a swing trade setup in gold, and it seems to be doing pretty well. As of now, gold has traded in line with our forecast, helping us secure +40 pips. But the market is lacking volatility on the verge of NFP figures on Friday. Most of the traders prefer to stay out of the market ahead of this market-leading data.

Technical Analysis of GOLD

  • Gold formed a bullish butterfly pattern that initiated its C to D wave from $1,324 and completed it around $1,285.
  • The oversold RSI suggested high odds for a bullish reversal as the 200 periods moving average was left at $1,307, far away from the CMP (current market price).
  • Short term support remains around 1280/85 with resistance coming in now at 1300. On the daily chart, resistance comes in around 1320 with longer-term support level now at 1255.

Gold – 4 Hour Chart

Gold – Trade Idea

Consider staying bullish above $1,285 with a stop loss below $1,280 and take profit of around $1,295 and $1,299.

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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