Gold Price Action Analysis – 16th May 2018 | Free Forex Trading Signal

Gold Price Action Analysis – 16th May 2018

Close
Close
Print Friendly, PDF & Email

GOLD has been Bearish for 3 days consecutively. Today’s first two H4 candles came out as Bullish corrective candles. The current H4 candle seems to be a Bearish candle. If it really ends up being an Engulfing Bearish Candle, then an H1 breakout at yesterday’s lower low would be the signal to go short on Gold today. Let us have a look at the H4 Gold chart.

Gold Price Action Analysis – 16th May 2018

The level of 1294.70 has been the level of Resistance here. If it is held by the current H4 candle and the current H4 candle engulfs the last H4 candle, then we would have to wait for an H1 breakout at the level of 1288.30 to take the short entry. Let us have a look at the summary of the trade…

  • Sell Stop Order: 1288.30
  • Stop Loss: 1294.70
  • Take Profit: 1278.50
  • Validity: 72 hours
  • Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

The USD has a high impact news event today at GMT15.30. However, I do not think Gold traders have to worry about it that much. It is not a super high impact news event. Moreover, Gold is not only related to the USD. Yes, the USD does have a huge impact on Gold. Thus, we have to consider some news events that are related to the USD such as NFP, FOMC- Interest rate decision. Other usual high impact news events on the USD such as Crude oil inventories, Retail sales m/m, Core retail sales m/m are not to be given that much of emphasis if we are to trade on GOLD (XAUUSD).


Thank you for your readership. We are truly grateful!

Hope that you like the strategies that we share.
If you like the strategies here, you will absolutely
love our latest strategy...

The MorningPips Trading System

The aim of Morningpips is to finish trading by the morning.
Simple as that... Check it out!


Gold Price Action Analysis – 16th May 2018



Other Analysis Today
Learn and SHARE the Knowledge!
Click Here to Leave a Comment Below 0 comments

Download Our Sniper Trader Trend Following System

x