Gold: Ready to Move to New Highs?

Gold continues to test important resistance. Today’s Jackson Hole meetings are sure to cause volatility in forex and have an effect on the precious metal. Traders will need to be brave and practice risk management today if they are participating in the Gold market.

Gold: A Playground for the Brave Today

Gold will be a playground for brave traders today and tomorrow.

The precious metal is buttressed against short-term highs and has shown an ability to hold onto it top tier values this week.

The 1295.00 U.S Dollars an ounce mark continues to look like impressive resistance, but traders with deep pockets and a taste for adventure may be willing to speculate on additional gains via Gold.

Knock-On Volatility Expected

The precious metal has put in solid gains since early July, this after falling quickly from highs reached in June. Gold is now retesting these June highs.

The Jackson Hole Symposium being held in the U.S today via the world’s leading central bankers will cause volatility in forex. And as a result, Gold traders should be prepared for many knock-on effects.

Strong Support in Place for Gold

Gold has strong support around 1280.00 U.S Dollars an ounce and short-term traders may be tempted to test what they perceive as important technical short-term pivot points in order to take advantage of reversals.

Because of the potential for surprises from Jackson Hole today and tomorrow, volatility should be counted upon and risk management will prove important.

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

Yaron Mazor is a senior analyst at SuperTraderTV.

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