Gold Retracing Mid-Term Range

Yaron Mazor
gold

Gold has been able to sustain its short-term momentum in the aftermath of the Christmas holiday. The precious metal has retraced towards its mid-term values and is challenging important resistance.

Momentum Accelerates for Precious Metal

Gold remains near 1290.00 U.S Dollars an ounce this morning, proving it has been able to sustain its momentum – which accelerated before the Christmas holiday.

Gold 1H Chart

Although trading volumes remain relatively light, the precious metal has seen a speculative flair as buyers remain positive.

A Push Towards Mid-Term Highs

Gold has now entered its mid-term price range after being pushed downwards the past month. The climb in the commodity the past week has not gone unnoticed and will attract more speculators if the value of Gold remains strong going into this weekend.

Gold 4H Chart

Resistance around 1300.00 U.S Dollars an ounce may be the next target for investors, and as always the important 1300.00 U.S Dollars mark remains a critical lynchpin.

Will the Gold Rally Gather Steam?

However, Gold failed during its last fight near the 1300.00 level and traders will look at further advances with skeptical eyes, this – until the commodity sustains its value for a solid duration of time.

Traders have been waiting for Gold’s value to rebound and build. If the global economy continues to expand in 2018, traders may see a Gold rally gather steam.

Gold Daily Chart

In the short term, we believe Gold may be positive. In the 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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US