Is it Worth Selling Gold at $1,325? Let’s Find Out
Arslan Butt • 1 min read
The precious metal gold traded sharply bullish to reach two-week highs on Monday at $1,325. Here is what’s going on with gold.
The US dollar index weakened in the wake of growing expectations of a US-China trade deal. Let us recall that the dollar weakens whenever we have chances of trade negotiations and deal between the US and China. It’s because the investors believe that the trade war is less likely to hurt the US economy and it’s better to keep funds/ investments in the dollar.
The POTUS President Donald Trump repeated that he may extend a March 1 deadline for a deal and keep tariffs on Chinese goods from rising.
GOLD is massively overbought below $1,325 with RSI and Stochastic values above 90. Back on January 31, the trading level $1,325 provided resistance to gold and investors are expecting another reversal below this level today.
Considering this, team FX Leaders has opened a sell trade below $1,325 with a stop loss above $1,327 and take profit of around $1,318.
Let’s see how the market goes. Good luck!