Gold News – Gold rose slightly during the course of the day on Tuesday, as market is aiming to go higher. The silver has actually broken out to the upside and made a fresh, new high, which at this point in time is a good harbinger when it comes to gold. Both metal markets do tend to move in tandem over the longer term, so at this point in time it’s likely that buyers will jump in the gold prices. Pullbacks should continue to be value, and $1300 level is supportive.
August Comex Gold futures are trading higher, but inside yesterday’s range. This indicates investor indecision and impending indecision. Traders will be watching the price action in the stock indices to determine the next major move.The main trend is up according to the daily swing chart, however, momentum has been to the downside since June 24.The short-term range is $1252.80 to $1362.60. Its retracement zone at $1307.70 to $1294.70 remains the primary downside target. Its upper or 50% level at $1307.70 was successfully tested on Tuesday. An uptrending angle at $1276.80 passes through this zone, making it a valid target also.
Based on Tuesday’s close at $1317.90 and the earlier price action, the direction of the market today is likely to be determined by trader reaction to $1321.50.A sustained move over $1321.50 will indicate the presence of buyers. This could drive gold into a steep downtrending angle at $1338.60. Taking out this angle with conviction could trigger a further rally into $1346.80 to $1350.60. This is followed closely by another downtrending angle at $1356.60. This is the last potential resistance angle before the $1362.60 main top.A sustained move under $1321.50 will signal the presence of sellers. The first targets are a short-term 50% level at $1307.70 and a short-term uptrending angle at $1300.80. The daily chart opens up under $1300.80 with the next major downside targets $1285.50 and $1276.80.Watch the price action and read the order flow at $1321.50 today. Trader reaction to this level will set the tone for the day.
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