Gold Trading Expected to Intensify this Week

Short term traders need to be careful if they are going to speculate on the precious metal.

Gold Confronted by Heavy Selling

Gold traders continue to be confronted by a very tough market if they are looking for reversals upwards and sustained value.

The precious metal this morning is touching 1248.00 U.S Dollars an ounce and is near extremely important support.

Price Fluctuations as Central Bank Horizon Nears

Crucial central bank statements will come from the Federal Reserve, Bank of England and European Central Bank in a few days. The Fed is widely anticipated to raise its interest rate.

This creates a window of opportunity for speculative traders who can withstand price fluctuations that go against them in the short term, but steel nerves may be needed too.

Whipsaw Movements Expected for Gold

Gold may stay under pressure in the short term and may test support near 1230.00 U.S Dollars. However, with the central bank statements on the horizon traders need to be ready for potential reversals upwards later this week.

We expect whipsaw movements for the precious metal and traders need to be very careful with Gold.

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

Yaron Mazor is a senior analyst at SuperTraderTV.

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