Gold Knocked Us Out at Stop – Bullish Channel Breakout - Forex News by FX Leaders

Gold Knocked Us Out at Stop – Bullish Channel Breakout

Posted Thursday, April 11, 2019 by
Arslan Butt • 1 min read

Fellas, the lack of economic events is causing sideways movements in the market. Gold prices especially eased as investors seem to book some profit from the metal’s strong run this week. Yet I wasn’t expecting a bearish breakout on the bullish channel.

As we can see on the hourly timeframe, gold was facing strong support around 1,305, the lower edge of a bullish channel, and that’s where we enter a long position. To our hard luck, the metal broke out on the lower side, instead of continuing the bullish trend.

Anyway, gold can gain support above 50 periods EMA at 1,300 level. In case the bears continue to dominate, the next stop will be 1,296 for gold.

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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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