Gold has seen brutal and persistent whipsaw trading the past two weeks. The precious metal has seen a repeated test of resistance and support in dynamic trading conditions. Risk appetite in equities has perhaps hindered Gold, but the long-term is intriguing for the commodity.
Gold’s Persistent Whipsaw Movements
Gold prices have continued to provide traders with persistent whipsaw movement. The precious metal is near 1275.00 U.S Dollars an ounce.
Gold has moved between the 1264.00 and 1282.00 U.S Dollars an ounce range in a dangerous manner the past couple of weeks. Traders who have been unlucky enough to be on the wrong side of the movements have likely suffered.
Rise of Risk Appetite Hurting Gold
A look at a mid-term chart of Gold shows the commodity is in the middle of its price range, but it also shows the dynamic fluctuations which have occurred and tested all speculators.
The rise of risk appetite among Asian and American investors has likely seen cash allocated to Indexes like the Nikkei in Japan and the Dow Jones Industrials on Wall Street. However, Gold remains intriguing and opportunities abound.
Gold’s Long Haul Looks Intriguing
Gold has seen a strong amount of support around 1264.00 U.S Dollars. And traders with fortitude may continue to look for reversals upwards when they feel the precious metal has been pushed too low.
While inflation remains rather muted in the global economy, there is a reason to suspect Gold may continue to attract buyers over the long haul.
In the short term, we believe Gold may be positive. Mid-term and Long-term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
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