Gold price recorded a rise by 0.03% at 13:07 NY Time to reach the level of $1385.00 USD/Ounce of gold. From the beginning of trading day, we watch a fluctuate in Gold price. Some time we watch the green number and in other time we watch the red numbers.
Non stoping fluctuate in gold price take place in the market. We also watched a rise of the U.S Dollar value. what happend? Lets start by the U.S. Dollar which starts to record a rise since friday, because of the positive U.S data and it continued to rise until, some technical selling ( gaining profit ) starts to take place in the market by the last hour. At the same time burgin hunters starts to head for gold price because of its low price, the only issue lead to a rise in Gold price.
The only harm happend today was for the small investors of gold. In which the investors of gold price was expecting to start their day by excessive buying, to make gaining profit by the end of the trading session. But the wave of gold did not move as they want. Huge investors starts their day by buying U.S Dollar and the U.S stock. then they starts to head for gold, I think from a personal point of view the next gaining profit process, will be between the level of $1390 and 1400 USD/ Ounce of gold.
Small investors had to re-buy gold, to overcome their lose. Also they had to follow the flow of the market. In other words when the selling process starts they had to go with this move and sell gold to gain fast profit, to overcome the previous lose in gold. Gold price still in the same narrow trading level, between the level of $1380 and 1410 USD/ Ounce of gold, I wish if gold price could get out of this range soon, I think by the end of this month we can get the next summer trading.