Gold Sideways Trading Continues - Quick Trade Setup!

EagleFX Team EagleFX

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

Try Secure Leveraged Trading with EagleFX!

Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.