Another quiet night overnight for precious metals, with gold trading in a relatively narrow range, between USD $1288oz and USD $1299, as markets balanced...
Another quiet night overnight for precious metals, with gold trading in a relatively narrow range, between USD $1288oz and USD $1299, as markets balanced dovish noises from the Bundesbank re European interest rates, and a weaker than expected US retail sales print. Its looking like USD $1300oz is shaping up as a key pivot point for the market, with a range of moving averages converging around this price point in the coming weeks. Until then, it could stay in a range between USD $1280 and USD $1320oz With that in mind, its not hard to see why many shorter term traders would be focusing on other markets right now. For long term holders, buying in tranches continues to have merit, for there is still a 50/50 chance this period of relative tranquillity breaks to the downside and one final washout in the sector More details here (VIEW LINK)