Yesterday, the bullion market traded as we forecasted in our Gold Consolidates in Range - Let's Take a Quick Trade. Our forex trading signal on Gold gave us a quick 35 pips profit and later the market soared above $1,316. We are ready with our next exclusive trade setup. Find out more below...
Gold/ XAUUSD - Ascending Triangle Breakout
The Gold consolidating in an ascending triangle provided a hurdle to the precious metal at $1,324. Typically, the ascending triangles break out towards the north direction and that's exactly what happened.
Yesterday we explained the relationship between Gold and Chinese demand. This is one of the reasons driving the Gold bullishness.
Gold - 4 - Hour Chart
For now, the Gold is holding above a resistance-became-support level of $1,324 and it's likely to continue its bullish momentum until $1,329/30.
Gold / XAUUSD - Trade Idea
Traders, due to the discussed reasons, we just shared a forex trading signal to stay bullish above $1,324 with a stop below $1,322 and take profit at $1,330. Good luck!