Gold Price – Bulls Have The Technical Advantage
The price of Gold, in todays U.S. session, is marginally higher (Monday). The technicals show a huge spike in prices from the end of last week, (the largest one day rise this year) and on the back of that some profit taking has featured to begin the trading week. The silver and gold bulls will be salivating, as they still have some upside according to most technical indicators.
The civil war situation in Iraq will help the cause of a bullish market variable for a safe haven in Gold. There was fighting over the weekend that found other Iraqi cities drop to the ISIS rebels. Reports on Monday said the rebels may be setting their sites on invading poorer nations beyond Iraq. This scenario will probably continue to support gold and remains serious for the all markets.
August gold futures prices closed near the high of the session, and closed at a high price of nine weeks. Gold bulls have the edge, when you study the technicals, following recent notable price surges in a multi-week upwars trend on the daily chart. The next upside potential target for the bulls, would be a price breakout and close above (or beyond) the April high of $1,331.00. This would be a significant psychological level.
Silver prices were also feeling the surge, with bullish moves to new short term highs. The bulls really do have the advantage, after prices once again surged to a new high on Monday.
Shrewd investors, who may have been slowly releasing their capital from stocks, will now be looking at ways to hedge their bets into Gold. Whether that be in Gold Futures or even certain ETF’s. Whatever pans out in Iraq, until the uncertainty is removed, Gold may start a small rally.
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