Gold’s recent ability to gain and sustain its values is getting the attention of speculators.
Gold has traded in a turbulent manner the past few months, but its trend has been strong and it may be able to retest its early September 2017 highs.
Gold produced a turbulent day of trading yesterday as it reached new highs, and then took a step back – but it is maintaining its value within a tough playing field.
Gold is trading near 1316.00 U.S Dollars an ounce with many speculative eyes on the commodity.
A look at a mid-term chart shows Gold’s remarkable climb since December, but it also shows the precious metal has now started to consolidate.
After the strong gains made during the holiday season, Gold has not seen a massive amount of profit taking and its direction appears to remain firm.
Gold may have strong support around 1300.00 U.S Dollars an ounce. And speculators may be looking at its long-term chart and believe it has the potential to retest highs seen in early September of 2017.
Gold has proven dangerous the past few months with rapid turnarounds, however, its recent gains the past month and ability to hold its value are intriguing.
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.
Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.