As it was stated earlier in a weekly premarket review on Sunday, there is a very interesting situation on gold. The quotations of gold are in trading diapason of 1636 – 1677 dollars for Troy ounce, and there were three attempts to reach lower bounds of quotation within a month stay in the trading diapason. It means that in case of descent of quotations lower than 1650, gold will be actively bought by traders and 1636 is a potent support.
Quotations often reach upper bound. A fake breakdown occurred during first days of 2013. A fake breakdown could be a fake signal to buy, which proves the usefulness of abstention from trading during New Year and Christmas. The error was quickly fixed by pretty powerful movement, which returned inside a trading diapason fast.
Last three days the quotations of gold have been actively and unsuccessfully attacking upper bound of the diapason. With overall growth of financial markets the breakdown of this level (1677) is a question of time. With the breakdown, gold can start reoccupying actively lost positions, globally the aim of the movement is at 1790 for a troy ounce, but the quotations keep staying in the corridor.Social button for Joomla