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