Sharp Bearish Move in Gold – Who’s Behind It?
Arslan Butt • 1 min read
What’s up, traders.
It’s been another good start of the day with a quick profit in the gold trading signal. During the Asian session, we took a sell position below $1,309 to take profit of around $1,305.40. Here’s what happened:
Trump Considering 60-day Extension for China
You know that the US-China trade war is keeping the financial markets on toes. Lately, there has been a development from the US side. President Donald Trump is considering a 60-day extension of the March 1 deadline for higher tariffs on Chinese imports.
A piece of news like this turns this risk sentiment on. Which means investors start trading in stock markets and lower their investments in safe haven assets such as gold and silver.
GOLD – XAU/USD – Technical Outlook
We are enjoying the trading range of $1,315 – $1,300. Simply put, the idea is to stay bearish below the upper range $1,315 and to take buying positions above $1,300, the psychological level.
Since we are already out of the market and the US economy is due to release the retail sales data later today, price action can be seen in gold.