XAUUSD Free Forex Trading Signals – 2nd Dec Nov 2016

XAUUSD has been very bearish for the last 25 trading days. The journey started from the level of 1320.50 and tested the level of 1160.75. Today, gold has been having an upward correction. This means 4 H and 1H traders are going to keep their eyes to sell gold today. Have a look at the 4 hourly gold chart.

As you can see, it all started from the level of 1320.50. After testing the level of 1160.75, the price has been going upwards. Most probably, the price will go up to the level of 1180.75. This level should work as strong resistance and produce enough momentum to drive the price to break the level of 1160.75. If the price really breaks the level of 1160.75, then there is a high chance that the price will go down to check the level of 1140.75. This means traders get a chance to trade here with a risk and reward ratio of 1:1 here.

The breakout should take place by the New York opening hour candle. Please be informed that there is NFP release today. Market is surely going to react big to this big news event as it normally does. NFP releases its data during the New York Opening hour as well. This means stage will be all set to sell gold today if things go according to this calculation.

Things to remember

1. Today’s NFP release
2. If price crosses the level of 1180.75 by hourly candles, then entry should be avoided.
3. If break happens after GMT 3 PM, entry should be avoided.

Here is the summary of the trade.

• Stop loss should be placed at 1180.75 (Today’s lower low)
• Entry at the level of 1160.75 (After a break out by an hourly candle)
• Take profit should be set at the level of 1140.75.

We hope that you enjoy our Free Forex Trading Signal today: XAUUSD Free Forex Trading Signals – 2nd Dec Nov 2016. Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.