Gold is near 1288.00 USD as of this writing. The precious metal needs to be watched carefully. It has been bouncing along in a tight consolidated range the past few days and near a critical resistance level not broken since mid-November 2014. As written a couple of days ago if Gold is able to break above this resistance level it may find additional takers who might be looking at the value of the metal in October which was comfortably trading above 1300.00 USD as a target area.
Yes, the precious metal has been within the grips of a seller’s market since September of 2012 and it has a long way to go up before most would wager a long-term position. However, short-term if Gold can maintain its current value level and fight off its detractors there is reason to suspect it could be worthy of a buy with good risk management. For those who refuse to look for a buy and instead want to examine a selling position, support for Gold looks to be around 1285.00 USD with another important sector near 1267.00.
Commodities including the energy sector like WTI (Crude Oil) have done well the past week. Yesterday did see some selling pressure come into the grains and other sectors overall but the remainder of the week may be interesting opportunity for those who are short-term buyers.