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Gold Holds Firms as World Braces for Financial Turmoil, War :: The Market Oracle ::

Fears of rising interest rates and worldwide recessions fueled continued panic selling of stocks, bonds, notes and virtually every currency on Friday.

Gold scored some victories over the past days, but it’s playing a risky game. One misstep and the yellow metal might lose the war. Sometimes, a good strategist needs to give up a few battles to eventually win the war. Or, at least, convince their enemy that they’re defeated while preparing a counterattack. Just the same, a chess player may need to sacrifice a piece in order to checkmate a king. Sun Tzu has spoken, and the Art of War translates well here. In the world of trading, the same rules often apply. A good investor needs to give up a few unfavorable days to eventually ...

Gold had a good day yesterday, but as it hits the $1,770 resistance line, it will be anything but easy for the yellow metal. The real test has begun. And so, it happened. Gold moved right to its target level that seemed to be the max that it could reach, but that didn’t seem to be the most likely outcome. Just because it wasn’t the most likely outcome, doesn’t make it impossible. The “most likely” can happen all the time – after all its only “most likely” not “certain” or “inevitable”. Gold declined right after its triangle-vertex-based reversal, but it appe...