Price of Gold Fundamental Daily Forecast – Early Bulls Whipsawed by Thin Holiday Trading Volume

New York(Dec 28)  Gold futures are trading lower shortly before the regular session opening after giving back its earlier gains. Bullish traders who were sucked into the rally fell victim to the light holiday volume and were forced to sell, triggering a reversal to the downside.

We warned in earlier articles that the market was subject to whipsaw action. We also warned against trying to buy strength under the thin trading conditions. The moral of the story is:  Don’t chase the market when you don’t have volume on your side.

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