Gold Signal Heading towards Take Profit, Risk on Sentiment Plays! - Forex News by FX Leaders

Gold Signal Heading towards Take Profit, Risk on Sentiment Plays!

Posted Monday, April 15, 2019 by
Arslan Butt • 1 min read

On Monday, the precious metal gold inched lower, having posted another significant daily decline the US session. One of the major reasons is the strong dollar. The impact of a weak dollar was offset by gains on Wall Street.

During the previous week, the yellow metal had broken below the critical psychological level of $1,300 to hit a one-week low due to sharp gains in the dollar. On Monday, the market continues to trade in the same manner.

Gold – Technical Analysis

  • On the hourly timeframe, gold is holding above support cum resistance level of 1,284.
  • There’s a small bearish channel which extends support at 1,284 and resistance at 1,291.
  • On the lower side, a bearish breakout can lead gold prices towards 1,281 and 1,277
  • The RSI and Stochastics continue to play in the oversold zone.

 GOLD Trading Signal

We are holding a sell position below 1,288 with a stop loss of 1291 and take profit of 1315.
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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