Gold Sideways Trading Continues – Quick Trade Setup!

Gold rebounded 0.3% $1,557 an ounce. The safe-haven-metal prices slightly rose due to speculation of the impossible success of the Sino-US trade deal that was signed last week. As well as, the gold failed to respond to the power play in Libya and protests in Iraq due to the broad US dollar strength.

The yellow metal firstly dropped as China agreed to purchase at least $200 billion worth of US goods over the next two years last week, but recovered some of its losses as analysts began to question the potential success of the deal, and the uncertainties of the trade war happening with both nations.

Support

Pivot Point

Resistance

1553.85

1557.59

1561.06

1550.38

1564.81

1543.16

1572.02

Technically, the XAU/USD prices are holding in the sideways range, having immediate support around 1,556, which marks 38.2% Fibonacci retracement level. On the higher side, gold may find resistance around 1,561. We can trade sideways until the choppy session is violated.

Gold – XAU/USD – Trade Setup

Gold Sell Below 1,561

Take Profit 1,557/55

Stop Loss 1,564


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