Choppy Trading In Gold – US Session May Offer a Breakout!
Gold consolidates in a tight trading range of $1,192 - $1,199. Overall, gold prices edged down as the yuan declined amid worries the Sino..
Arslan Butt•Wednesday, September 12, 2018•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!
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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