Gold prices on Comex keep the recovery mode intact for the third straight session, although the struggle continues with $ 1230 barrier, despite widespread risk-aversion and a non-event FOMC minutes release.
It is believed that selling rallies will continue to be the best way to deal with the gold markets, especially with the $1230 level looking so resistive. As soon as we get some type of exhaustive candle, it’s time to start selling yet again. A breakdown below the $1200 level is not only a negative sign, but we should pylon into the short positions.
There is no interest in buying gold, unless of course there is some type of major geopolitical issue, such as North Korea flaring up, but quite frankly I think and less something like that happen, is very likely that strength will be sold going forward as interest rates offer a safer return in the bond markets and other financial instruments. While there is a place for gold in everyone’s portfolio, it’s not believed that buying in this environment is very prudent, but recognized that the $1000 level below is a massive area on the multi-year charts. Selling seems to be the only thing to do.
I always avoid Gold trading pair, because its movements too much fast to predict the real faction of this market with certainly. But after all this is one of the most usable currencies in Forex market.
With Gold you have to look at the geopolitical tensions and the stock market. I will wait to see if Gold retests the 1.300 level for the 4th time this year if it doesn´t break and there is no more tension between the Us and North Korea I will be going for a sell. If there is tension between the countries the best to do is to buy gold and safe havens liky JPY and CHF.
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