Gold Silver Reports – Gold Kiss a Wall and Turns Lower – Gold seemed to hit a wall on Monday around the 1305.00 U.S Dollars an ounce level and sunk lower.
The question is whether after resistance proved strong if it will be maintained or if the precious metal’s downward turn will reverse once again? Gold is now near 1290.00 U.S Dollars an ounce an appears to be struggling.
The last two weeks have proven interesting for Gold, after being taken to fresh lows nearly ten days ago – the commodity had put in steady gains until yesterday.
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Dynamic Short-Term Trading Likely
The next few days in forex are likely to prove dynamic as the Bank of England’s coming monetary policy is deciphered. However, range trading may be the norm.
Gold has proven over the short-term that it has not wanted to retrace back to low water marks. Traders will have to be patient in the near term to allow their positions to work. Gold may see some additional pressure, but investors need to be alert for sudden reversals too. – Yaron Mazor