Gold’s Bullish Trend Continues – Quick Update on Trading Signal!
On Friday, the precious metal GOLD surged to a two-week peak, staying over the $1,500 an ounce psychological level. The soft US economic figures raised hopes for another interest rate cut by the Federal Reserve.
New orders for US goods dropped more than expected, driving the bearish trend in the US dollar. Consequently, we see a bullish trend in gold. The market also seems to face the fear of another interest rate cut this year, which is another reason behind the bullish bias in gold.
Federal fund futures imply that investors see a 90.4% chance for a 25 basis point rate cut by the US central bank in its month-end monetary policy meeting.
Our forex trading signal on gold is doing pretty good as it’s already trading at 1,507, making 25 pips for us by now. Since gold has violated the 1,504 resistance area, the next target for gold is likely to be found around 1,511.
I will be looking to enter another buy position above 1,507 level to target 1,510 and 1,513 while the bearish trade will be preferred only below 1,514 area today.
Good luck!
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