Gold price drifts lower only to ‘pop’ back towards $1650 as the bull/bear attrition battle rages on

Yesterday’s price action in gold, where the gold price drifts lower to around $1630 before the buyers turn up looks set to be tested once again today.

The gold price managed to close above $1650 yesterday. This morning gold was once again taken down to below $1640. And once again buyers have turned up to take gold back towards $1650.

This price action is exactly what happened yesterday and on monday. Both those previous closes managed to be above $1650 – smack bang in the middle of the 5 week trading range of $1680-$1620.

At the moment it seems like a very tough call to work out which way this price action is going to break. There seems to be solid buying around $1630 for the bulls and solid selling around $1680 for the bears.

So it really is going to be down to who blinks first or what piece can break gold out of this range either way – hopefully this frustrating range-bound period will be behind us soon.

Gold $:

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Gold £:

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Gold €:

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Related posts:

1. Silver: The battle for $32.2 rages on
2. Gold price holds steady around $1650
3. Gold price falls to $1645 level – trading back below the 200 daily moving average
4. Gold price slips back down to the ‘buying zone’
5. Gold price drifting lower in $ terms – still up on the day in terms of £s

Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-drifts-lower-only-to-%e2%80%98pop%e2%80%99-back-towards-1650-as-the-bullbear-attrition-battle-rages-on-6670/

Posted by Declan Cosgrove on Apr 18 2012. Filed under Analysis, Gold News, Markets. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.