You are here:--Gold Technical Analysis (Daily Chart) on 2nd February 2017

Gold Technical Analysis (Daily Chart) on 2nd February 2017

Gold / XAUUSD – On the daily time frame this precious metal is currently within an uptrend channel.

Yesterday’s price action saw it testing the bottom of the channel and a quick rebound ensued as buyers came in at the 1236.63 level.

Below that and we have price closing below the channel and the 15 ema. If this happens, it would give more bears the courage to come in.

Bulls resolve to protect price from going below the channel might see price back to the upside to test the downtrend line drawn in red. 1270 would be a crucial zone for the bulls to beat in order to resume up move. I expect bears to defend that zone too. So we can expect some volatility at that price zone.

Take note of these levels and trade well.

At the moment, stochastic is still pointing down. Downward momentum (a healthy retracement) might persist in the near term.

Take note: Keep your losses at 2% and do practice proper risk management in these Trump led movements in the market.

Trade well.

To your success!

Ardy Ismail

Pro Trader & Trading Coach

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By | 2017-03-12T14:58:12+00:00 March 2nd, 2017|Categories: Forex Trading Signals|Tags: , |0 Comments

About the Author:

Ardy Ismail is a Professional Forex Trader specializing in the Forex, Gold and Stock market. He trades using both Technical and Fundamental Analysis and teach other traders how to trade using higher time frames and multiple time frames. He started trading the stock market in 1999. Seeing how trading Forex and the Gold market can be a lucrative business, he started trading these markets in 2008 and continues to do so till this day.

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