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

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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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.
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