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

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 See More
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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