Gold Hits Take Profit – is it Going to Reverse?
Gold is trading sharply bearish to test $1,309 and I think it has the potential to break down until $1,307. Can we buy here?
What’s up, fellas.
Recalling our forecast Gold Edges Down Ahead of US Inflation – What to Expect?, the yellow metal traded precisely as we planned to help us pocket quick 30 pips. Before the US inflation, gold prices are being influenced by the trade war.
The POTUS Donald Trump stated that he could see push the March 1 deadline a little if both nations sides get closer to finalizing a deal. Let me remind you that the US tariffs on $200 billion worth of imports from China are scheduled to rise to 25% from 10% if both sides cannot reach a deal by the deadline.
Anyway, gold is trading sharply bearish to test $1,309 and I think it has the potential to break down until $1,307. That’s the trading level where I will be looking to take a buying position.
Again, the trend also depends on the US CPI data. A negative inflation rate will help us capture a quick buying and vice versa.
Good luck!
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