Gold Trading Signal Hits Target – How to Trade Gold Today?
What’s up friends and fans!
On Thursday, our forex trading signal on gold went really well, thanks to Donald Trump and worse than expected medium tier economic events from the United States. Today, the bullion market is consolidating near $1,305 as investors are looking for fresh reasons to buy gold. Can core durable goods orders help us with this? Let’s find out…
Fundamental Review – Safe Haven Appeal
One reason behind bullish gold seems to be ongoing geopolitical tensions among the U.S. and North Korea. The demand for haven assets triggered after President Trump decided to abort the meeting with North Korea’s leader.
Secondly, investors seem to price in the dovish FOMC meeting minutes. The medium-tier events from the U.S. turned out mostly lighter than anticipated, causing a sell-off in the U.S. dollar and buying in the bullion market.
Recalling FX Leaders May -25: Economic Event’s Report, we spoke about the revised consumer sentiment which will be monitored at 14:00 (GMT). Anyways, analysts are expecting it to remain unchanged at 98.8. But keep an eye on it as divergence in the actual and forecasted figure will get us some nice trades.
Gold’s Technical Analysis – Triangle Pattern Breakout
The precious metal gold is trading below $1,306 and the violation of $1,306 can drive us bulls to $1,314 today. The RSI tested 50, but failed to cross below it, which is a strong signal of bullish bias of traders.
Support Resistance
1295.38 1306.16
1292.06 1309.48
1286.67 1314.87
Key Trading Level: 1300.77
Gold – XAU/USD – Trading Idea
The idea is to stay bullish above $1,300 with a stop below $1,297 and a take profit at $1,306 and $1,309. Good luck!
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