24.05 - gold is sending mixed signals today
- by Anna K.
Recent quite significant drop in the stock and equity markets left us hope that we are going to see commodities grow. And commodities did not let us all down. For example – gold that we have forgotten about has been pretty jumpy these days but right now there is a clear rising in the price for the ounce of metal. After all – behavior of gold is pretty easy to predict as it is the right opposite of movements of USD index. And if we are to believe this theory it seems that the greenback is going down as gold grows and gains per-ounce price. The reason behind this might be the fact that traders are getting VERY tired of volatile assets and need a break from all of the jumps.
Although we can see that the chart for gold has not been that smooth it is still quite good to see the price go up for a change. We have endured too many losses over the course of these last days and getting a break from the color red just feels nice.
With all of the uncertainty it is not clear what direction gold is going to assume. Use both long- and short-term trading signals to fully understand the picture.