Recalling our earlier update on gold, the yellow metal is on a bearish move now. There’s been no updates on the fundamentals side so far, however, the technical indicators are playing their roles.

The overbought GOLD has started coming out of the overbought zone, and there’s a high probability that it will go for 23.6% retracement at $1,297 and then 38.2% retracement at $1,294 today.

We are already in a selling trade, so just sit tight for the take profit.