Gold’s Bullish Breakout – Is it Worth Jumping into a Sell Position? - Forex News by FX Leaders

Gold’s Bullish Breakout – Is it Worth Jumping into a Sell Position?

Posted Tuesday, February 19, 2019 by
Arslan Butt • 1 min read

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.

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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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