Gold price falls back to bottom-end of its trading range… (nobody surprised at all)
Having threatened to break-out a couple of day’s ago (after some very peculiar selling), gold has once again drifted back to the bottom of its now long-established trading range.
After briefly touching a two week high of $1671 on tuesday, the gold price has been pushed back down to $1645 after getting as low as $1640 this morning.
On tuesday it looked like the bulls were smelling some blood in the water but they just couldn’t stay around the $1670 level long enough to try and recapture the all important $1680 level – hardly surprising when there is a BIG seller out there willing to dump $1.24bn into the market in an instant seemingly not caring a jot about price.
As a result we’re once again going to see if the $1635 area can hold on the downside and see if there is then a move back to the top of the range.
The ground-hog day feel to the market action, that looked like it might just end on tuesday, is looking like it’s going to just chug along until there is a definitive answer from the Fed on money printing (QE). Until that happens our very simple (but oh so very profitable) trading strategy from a few weeks back of “Buy when the gold price get’s to $1630 level, sell when the gold price get’s to the $1650 level. Rinse. Repeat.” seems to still be very much in vogue.
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-falls-back-to-bottom-end-of-its-trading-range-nobody-surprised-at-all-6833/