Quick Update: Gold Breakout of the Range, Abort Buy Plan - Forex News by FX Leaders

Quick Update: Gold Breakout of the Range, Abort Buy Plan

Posted Friday, January 18, 2019 by
Arslan Butt • 1 min read

What’s up, fellas.
I hope you are enjoying a busy day. Earlier today, we spoke about gold and how it was trading in a technical range of $1,294 – $1,287. Well, this range isn’t there anymore. We just had a bearish breakout in gold and the sharp sell-off led gold to place a low of $1,283.50.

As a result, we decided not to enter a short term buy position. For now, we are keeping our sell trade. The technical outlook seems strongly bearish and we may see a further drop until $1,281.

But there’s a catch. In a small timeframe, gold is in oversold zone and it needs to retrace upward before continuing its bearish momentum. So keep an eye on $1,287 as the market may offer us another entry below this level.

Good luck!

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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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