Fellas, the precious metal is on a bullish move and has recently violated a major resistance level of $1,328. What’s going on?
Most of the bullish trend has been triggered by a new round of talks between Beijing and the United States. They are likely to resolve the issue and may come up with a trade deal.
Gold has formed a bullish engulfing pattern which is signaling a strong bullish power of investors.
The bullish breakout of gold at $1,328 is likely to extend the bullish trend until $1,333. However, the closing on an hourly candle below $1,333 can also trigger a retracement in gold.
The idea is to stay bearish below $1,333 to target $1,327 during the New York session.