Gold Headed Back To Support
Lastweek’s great rally in gold is just a memory as gold heads back down to itssupport level. The excitement from gold heading higher every day last week hasnow turned into the fear that it may go back to the lower end of the range.
Goldwas lower on Tuesday and is lower again overnight into Wednesday morning. Thecongestion period is always the toughest for traders, as the markets have a lotof starts and stops and false breakouts in both directions.
Thistime is no different as both silver and gold churn in a range. Both look to beheaded to the lower end. With the dollar near the lows, you have to ask thequestion -- why hasn’t gold broken out to highs? The answer is simple” -- thereis too much central-bank manipulation, and expectations are the dollar willbreak out to the upside, putting pressure on the metals.
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