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Hard Luck With Gold Signal – Bullish Trendline Supports

Our sell position in gold was doing pretty great but unfortunately missed our take profit by inches and reversed over a range of technical and fundamental reasons. The investors are keeping their funds into gold, ahead of the US Federal Reserve rate decision.

GOLD prices turned slightly bullish after a dramatic drop in the previous session as traders await a decision from the US Federal Reserve on interest rates. Most of the market feels there is going to be a 25 basis point cut in the interest rate; however, there are also some that expect a 50 base point rate cut. It’s keeping an immense amount of uncertainty in the market. A rate cut typically makes the dollar weaker and improves the gold prices.

Secondly, Russia’s gold reserves surpassed the $100 billion milestones in July as gold rates increased and the country’s central bank extended to buy the yellow metal. Physical buying and increasing reserves by countries always boosts the demand for the precious metal.

Support Resistance
1399.32 1452.21
1373.28 1479.06
1320.39 1531.95
Key Trading Level: 1426.17

Gold is facing strong support around $1,415 along with resistance at $1,428. We may see gold trading within this range until we see a breakout. On the lower side, a breakout of $1,415 can lead to gold prices towards $1,405/01. While bullish breakout can extend rally until $1,440.

I won’t be taking any trades until we have a clear trend in the market. Good luck and stay tuned!

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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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