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Is Gold Afraid Of The Bulls And The Bears?

ByCommodityOnline
Published 07/09/2013, 07:19 AM
Updated 05/14/2017, 06:45 AM
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The price of gold finished higher at $1250 levels and it seems like every time the yellow metal hits $1200 it hits a technical resistance and pops back up. The commodity is trading on a neutral path with low volatility.

Gold is witnessing lower level buying and selling as investors took short term trading on fears of a crash. According to the fundamentals; gold may not be oversold, but about to be sold.

For the week, short covering and some hedging were seen for Comex gold. The commodity had recovered to $1,258.7 an ounce, but retreated to $1,201levels.
Gold
COMEX gold prices for August delivery is trading with a positive rally around 1,230-1,260 levels. The commodity has twice failed at 1,267 levels and retreated to 1,240. Strength in dollar index shocked gold futures.

The falling wedge was broken at 1,200 levels. The yellow metal is trying to form a neutral flag around 1,240-1,280 range.

Breaching 1,300 levels may witness steady rally towards 1,455 levels. The Commodity will face another resistance at these levels.

Gold is trading at lower Bollinger levels with stochastic at lower side. The momentum of the commodity is still in bearish territory.

Short covering at 1,220-1,200 levels may witness slight uptrend in the near term. For long term, gold may witness a bear rally towards 1,000 levels.

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