Buy Opportunity For Gold Bugs?

Oil is at an interesting level at the charts indicating, perhaps, some demand starting to come in.

Possible Demand Zone

Possible Demand Zone for Gold?

The 1180 to 1185 level may look interesting to buyers:

  • There is previous demand at around this level – buyers have come in at this level in the recent past and bought the market strongly
  • Gold broke the highs from October 2014 (although we are trading under this level presently)
  • Sellers broke the lows and made new lows at the end of October but buyers bought the market at that point.
  • We are making a series of higher lows on the daily chart
  • There is the potential for some trend line retests at the 1180 area

Its a mixed fundamental bag for the shiny metal at the moment:

  • Gold demand has dropped to its lowest level in four years – an falling demand from China
  • Russia is buying gold in large quantities
  • India could announce a reduction in the import tax on gold this month – this may boost the demand for the metal.

Remember, the markets can go either way! Successful investing is anticipating the anticipation of others.

You can play the gold market, risk free with SparkProfit

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