Our free forex signals service trade today is a buy order on gold.
The price of Gold is trading in the green at the time of writing. The upside pressure remains strong as the Dollar Index has slipped lower. XAU/USD stands at 1868.26 level above 1856.37 today’s low. In the short term, the yellow metal is trapped within a range pattern, we’ll have a good opportunity after the rate escapes from this pattern.
Gold remains bullish as the USD received a hit from the Prelim UoM Consumer Sentiment on Friday. The economic indicator was reported at 66.8 points, even if the specialists have expected potential growth from 71.7 to 72.5 points.
Today, the Empire State Manufacturing Index will be released, but I don’t believe that this indicator will have a significant impact.
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US Retail Sales Incoming Tuesday
The United States is to release its retail sales data tomorrow. The Retail Sales indicator is expected to register a 1.2% growth in October, while the Core Retail Sales could report a 1.0% growth in the last month versus 0.8% growth in September. The yellow metal could resume its growth if the US data comes in worse than expected.
Technically, XAU/USD moves somehow sideways but it continues to stay near the 1,868.62 level which stands as a static resistance. The outlook is bullish, so an upside breakout is imminent. A new higher high coulda activate an upside continuation.
Free forex signals – BUY Gold at 1873.17
Free forex signals entry price and takes profit
Instrument: GOLD (XAU/USD)
Order Type: BUY STOP
Entry price: 1873.17
Stop Loss: 1844.35
TP1: 1916.88
My Risk: 1%
Risk / Reward Ratio: 1: 1.52
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