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.
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/