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Gold is cheating?

Gold bounced from $1180 low. These levels re-appear after three years when we saw worst performance of yellow metal, almost 36% decline from all time high i.e. $1920 per ounce. On last NFP, precious metal fell to $1208 but hold the important level $1213. Now gold is trading on upper side. On Wednesday price touch to $1300 psychological levels but down again. After the comments from Ben Bernanke gold moved downward and put $1270 low. Chairman of Federal Reserve Bernanke said the bond purchase program may taper sooner-than-expectation, slower or even temporarily increased.

The Fed Chairman said the economy is recovering with good pace but repeat his words that monetary policy will remain accommodative for the foreseeable future.

Gold is in tight range from $1265-1300. But on chart, it is in corrective phase. Resistances are $1316-1321 and then $1334-1350 area. Expectedly, it is the last upward rally and we will see new low and some are saying we are going to see all time low, whatever the scene may be, but it is fact that story is going to change 180 degree.

Waseem Ahmad

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