Gold Causing Pain Among Traders

Gold’s roller coaster ride has continued for traders. The precious metal has been under pressure this morning. Gold continues to see reversals within the market and its testing traders.

Wicked Range in Gold Testing Traders

Gold has continued to see a wicked range the past week and has remained under pressure early this morning.

The precious metal is near 1275.00 U.S Dollars an ounce, and after repeated attempts of upwards reversals continues to be repelled seemingly lower. Support for Gold if it should break downwards – may be around 1265.00 U.S Dollars an ounce.

Gold turning into a Battlefield for Traders

Gold has proven a battlefield in the mid-term as technical trading has proven strong. Fundamental strength in the U.S Dollar has impacted Gold too, along with rising risk appetite for global equities.

Speculators looking for upside potential have had to be quick and react boldly the past couple of weeks and be willing to take quick profits if they have presented themselves on upward swings.

Downward Trend Continues in Gold

The European Central Bank meeting on Thursday may help Gold gain, but there are no promises. Gold’s long-term perspective has been challenging as it has ebbed higher.

Gold appears ready to remain in a slugfest for value this week. Traders looking for downside potential also need to be cautious but might have more reason to be optimistic, particularly if they have already been able to take advantage of Gold’s downward trend.

In the short term, we believe Gold may be negative. Mid-term and Long-term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter