Gold Reverses $ 30 Higher, But Stops at the 100 SMA
Safe haven metals made a strong reversal a while ago; they were on a bearish trend for several days, with GOLD losing around $ 30, but they have reversed higher and made a strong jump a few hours ago, with Silver surging around 8%, close to $ 27 from below $ 25.
Gold jumped $ 30 higher, erasing this week’s losses. The reason for this jump are rumours that some traders who own large reserves of physical SILVER in Wall Street, are buying Silver options in order to attract more buyers as the price turns bullish, forming a snowball effect and increasing it further.
Although, Gold has ran into the 100 SMA (green) on the H4 chart, which seems to be providing resistance around $ 1,863. This might be a good opportunity to sell Gold, since the move is speculative, but you don’t want to go against the retail traders in such occasions, until the waters have calmed. Although, we are following the price action and might open a sell forex signal.
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