Our free forex signals service trade today is a buy order on the gold. The metal will go upside if it finds rejection around the support level.
The gold price dropped at the time of writing after reaching 1936.12, today’s high. The price retreated and tested the immediate support levels before resuming its upward movement.
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Technically, the price action signaled that the downside movement was over and that the yellow metal could develop a new leg higher. As you already know, XAU/USD remains attractive for traders and investors alike despite temporary declines.
Gold rebounded even though the Dollar Index remains bullish after mixed US data was reported on Friday. The NFP and the ISM Manufacturing PMI came in worse than expected, Average Hourly Earnings came in line with expectations, while the Unemployment Rate dropped unexpectedly lower.
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US Factory Orders -0.5% estimated
Today, the US Factory Orders data could bring more action on gold. The economic indicator is expected to register a 0.5% drop in February. Tomorrow, the RBA and the US ISM Services PMI could shake the markets.
From the technical point of view, gold escaped from the down channel pattern signaling that the downside movement is over. Still, we cannot exclude a temporary decline after its strong rally. The price could come back to test and retest the immediate support levels.
Free forex signals – Buy gold at 1936.40
Free forex signals entry price and take-profit
Instrument: Gold
Order Type: BUY STOP
Entry price: 1936.40
Stop Loss: 1922.82
TP1: 1959.52
My Risk: 1%
Risk / Reward Ratio: 1:1.7
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