GOLD Tests Support at $1,297 - a Good Idea to Go Long? - Forex News by FX Leaders

GOLD Tests Support at $1,297 – a Good Idea to Go Long?

Posted Tuesday, April 9, 2019 by
Arslan Butt • 1 min read

On Tuesday, the precious metal gold prices rose to $1,298, hovering close to a more than one-week high of $1,303 on a weaker dollar. There’s been very sharp movement in gold lately. It took a bullish turn above $1,284 support area to cross above $1,297. The volatility was triggered as the dollar softened and a rally in equities paused, while the market keeps a close watch on Sino-US trade talks.

Gold is trading mostly bearish around $1,287 as investors are saving their shots for the US CPI which is due on Wednesday. Gold may find immediate support at $1,297, $1,285 and $1,280. While on the upper hand, resistance prevails at $1,305. The market is likely to trade within the same range of $1,305- $1,285 until the release of US inflation report.

GOLD – XAU/USD – Trading Levels
Support Resistance
1294.36 1302.13
1291.3 1306.84
1283.53 1314.61
Key Trading Level: 1299.07

Gold// XAUUSD – Trading Idea
The idea is to trade the choppy market by selling below at $1,306 and buying above $1,285.

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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