Choppy Trading In Gold – US Session May Offer a Breakout!
Arslan Butt • 1 min read
Gold consolidates in a tight trading range of $1,192 – $1,199. Overall, gold prices edged down as the Yuan declined amid worries that the Sino-U.S. trade war could escalate, making the precious metal more precious for buyers from the foreign countries.
Gold – Can we expect a breakout?
Yes, we can. Gold is trading sideways because investors didn’t find any direct reason to buy or sell it. But the scenario is different now. The investors are expecting a PPI figure from the U.S. during the New York session which could drive volatility in the market.
The bearish breakout of $1,192 can lead gold prices towards $1,187. Whereas, the violation of $1,199 will open further room for buying until $1,204. Good luck!