GOLD, the 1300 is a challenge for the bulls
It’s a 3rd time that the bulls have reached the resistance level at 1290/95 in 2017. First time they have been rejected in April, second time in June and it will be interesting to see how this 3rd attack will end. In the previous week, they have been stopped again at 1292 and in this week, the bears have pushed the precious metal once again down to 1270, where the bulls have took over yesterday. Today, once more they have been stopped at 1290. It’s a real battle in between the bears and bulls here and the bears lead for now.
As I see, the buyers would like to reach the magic 1300 level and that is the possible target for them in this moment. As you can see, the sellers are holding this level at 1290/95 for a long time and they are determinated to hold the same now as well. For how long, we will see.
1330/40 is the level what was reached at the night of the US Presidential elections at November 09. 2016, after which gold was crushed to the level 1122 in December, when the bulls have took over the precious metal again. From March 2017 the gold is moving in between 1200 and 1295. Lately, the tensions in between the US and North Korea are for sure the reason for the gold price advantage, but the stronger move upward is still missing in my point of view. This is not fear! Let’s follow and see how the bettle will end.