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Gold Supported Over Brexit Parlimentary Voting – Risk-off Sentiment Prevails

As you know, the market is all about Brexit and the US inflation rate today. Earlier today, the precious metal gold prices soared on Tuesday as the dollar softened against the pound. The sell-off in the US dollar was triggered after the European Commission accepted revisions to UK’s Brexit deal.

However, the financial markets are still trading the risk-off sentiment and moving investments into safe-haven investments such as gold, silver, and Japanese Yen.

GOLD – XAU/USD – Technical Outlook
The technical side of the market suggested a bullish trend earlier today, but the market is muted for now. The yellow metal gold violated the sideways range of $1,288 – $1,280 to set a new trading range of $1,288 – $1,296.

Support Resistance
1289.56 1298.24
1285.71 1303.07
1277.03 1311.75
Key Trading Level: 1294.39

The bullish breakout of this range can extend the buying trend until $1,308 while on the lower side support prevails around $1,281. I won’t trade it for now as the market is a bit risky over Brexit Parliamentary vote.

Good luck!

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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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