Sharp Bearish Move in Gold – Who’s Behind It? - Forex News by FX Leaders

Sharp Bearish Move in Gold – Who’s Behind It?

Posted Thursday, February 14, 2019 by
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.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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2 years ago

so we need to sell Gold???
2 years ago

ok thanks