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

Gold is enjoying the trading range of $1,315 - $1,300. As simple as that, the idea is to stay bearish below the upper range $1,315.

Arslan Butt•Thursday, February 14, 2019•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 See More

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.