Gold’s Direction Attracting SpeculationGold’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.
Turbulent Day of Trading for Gold
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.
Remarkable Climb in December
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.
Can Gold Retest its Highs?
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.
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