Gold’s Bullish Butterfly Making Us +40 Pips – Update on Gold Signal
Gold has traded in line with forecast, helping us secure +40 pips. But the market is lacking volatility on the verge of NFP figures on...
Arslan Butt•Thursday, April 4, 2019•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
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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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