Quick Update on Gold – Metal is on a Move Now
Gold has a high probability to go for 23.6% retracement at $1,297 and then 38.2% retracement at $1,294 today.
Arslan Butt•Monday, January 28, 2019•1 min read
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.
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ABOUT THE AUTHOR
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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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