Inverse correlation on Gold and USD/JPY, GBP/USD the only chart showing clear direction
Bullish crossover in gold – Is it going for $1,216?
Gold continues to trade bullish at $1,211 on weaker dollar concerns. As you know, gold shares a negative correlation with the Greenback, which the investors seem to move their funds into the safer assets and gold is the best option.
On the 2 hour chart, gold has already violated the strong resistance level of $1,207. Most importantly, gold has formed doji candles right above the resistance come support level of $1,207 which is clearly signaling the bullish intentions of investors. Whereas, the 20 periods of EMA is also supporting the buying trends.
Gold signal hits the take profit - Triple top on the cards!
Gold testing 20 MA - $1,188 a crucial level to trade today!
Considering the technical outlook, we opened a forex trading signal to target $1,214.50 with a stop below $1,209. We don’t have much on the economic calendar but the technical levels will remain in play.
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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