Gold Standstill in Range as Tug of War Continues, Who’s Going to Win? - Forex News by FX Leaders

Gold Standstill in Range as Tug of War Continues, Who’s Going to Win?

Posted Thursday, January 17, 2019 by
Arslan Butt • 1 min read

Fellas, it’s been five days and the yellow metal is still respecting the trading range as we mentioned in our update Gold Stuck in the Same Range for the Fourth Day – Another Cool Setup. Gold’s trading range is $1,294 – $1,287 and its prices are holding right below these levels.

Lately, the precious metal struggled to breach the $1,300 level, even though physical demand for gold coins soared in Britain over Brexit uncertainties.

Lack of fundamentals is keeping it in a narrow range of $1,294 – $1,287. On the upper side, the violation of $1,294 is likely to lead gold prices towards $1,300. Whereas, gold can stay bearish below $1,287.

GOLD – XAU/USD – Trade Plan
The idea is to trade the choppy sessions. Selling below $1,295 and buying at dip around $1,286 seems to be an idea today.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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