Gold Challenging for Short Term Speculators

Gold remains wildly volatile. Although the market has been calm this morning, the mid-term remains challenging and filled with roller coaster like gyrations. However, a longer-term perspective shows a range trade capability.

Heart Medication may be needed in Gold Market

Traders with heart conditions may want to remain away from Gold the remainder of this week after the tumultuous results the precious metal has experienced recently.

The commodity is near 1331.00 U.S Dollars an ounce, with support short-term looking reasonable near the 1323.00 juncture, while resistance seems to be around 1340.00 Dollars.

Long-Term View Different Than Mid-Term

While the mid-term has provided a roller coaster ride as broad market dynamics have impacted Gold wildly, a glance at a long-term chart for the precious metal looks far more stable and provides a perspective range traders can embrace.

Patience will remain the key for Gold short term, and traders need to practice their risk management wisely. The coming days will be filled with more volatility as U.S inflation data awaits too.

In the short term we believe Gold could be positive. Mid-Term and Long term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

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