Gold Price. Going Up or Down?

Gold is trading much weaker in New York Tuesday morning, as the precious metals complex is caught up in another major fund liquidation involving virtually all commodities.

Gold opened with major losses on the Comex, after plunging to $897/oz at the London AM Fix, and at 10:13 am the nearby June contract was trading at $892.20/oz, down $29.30 from Monday's settlement price. After opening at $903/oz, gold was quickly sold down to a low of $888.50/oz, but it has managed to recover.


Where is gold price heading to from here?
If you have gold futures position, you may be panic, and eager to sell off all your gold positions just in case gold price goes lower. But if you has done so, you might be selling at the low, and you will regret very soon.

As a trader, it is not rare for market to go against you, actually it happens me a lot of time, and I still exit from the trade with a profit. When market goes against you, don't panic, use all the brain power in your head to analyse the situation, and execute the next step (buy more, cut loss or do nothing).

In my view, the two main drivers for rising gold are Falling USD and Rising crude oil price

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Source: Metal Trading

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1 comments:

  1. krishna kashyap av Says:

    Its going to be a rising heat..
    Every trouble comes at once..
    Forex Bookmark



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