Gold Shoots to 3-Month Peak – An Update on Swing Trade - Forex News by FX Leaders

Gold Shoots to 3-Month Peak – An Update on Swing Trade

Posted Tuesday, June 4, 2019 by
Arslan Butt • 1 min read

On Tuesday, GOLD prices soared, flying to near a three-month top during the Asian session. Well, investors are still pricing in the global economic slowdown, which is mostly driven by trade conflicts between China and the United States.

Lately, another remark from the US Secretary of State Mike Pompeo triggered further haven appeal. He said, the United States is exploring to “level the playing field” with China following decades of unethical trade practices. The continued trade war between the world’s largest economies has turned over the financial markets. Since the very first day of the trade war, the stock markets haven’t able to stabilize as investors lost their trust in risky assets.

The technical outlook still stays bullish as is evident from the “Three White Soldiers” in the highlights today. On the daily timeframe, you can see three long candles which are showing a robust bullish intention of traders.

The bullish breakout of 1,323 is likely to be violated, and this may lead to gold prices towards 1,342. On the lower side, gold is still supported at 1,322 today.

Gold – Trading Signal

The idea is to stay bearish under 1,322 and bullish above this level with a 50 pips take profit on both sides.

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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