By CommoditiesMansion.com
The Gold market had a very bearish day on Tuesday, and Wednesday’s trading was very calm. At the time of writing, there is roughly 20 minutes left in the trading day and the metal is currently up $3.30 a ounce. This is a great sign for the bulls as a couple days of calm is exactly what they will like to see in order to feel confident in buying.
A break below Tuesday’s low at $1,380 would be very bearish. For longs, perhaps it is best to wait another day or two to see if we have achieved stability before placing those trades. The market is certainly in an uptrend, and as such – this would be the preferred direction.
