BombayBulls
Long

GOLD - Something For Both Bulls and Bears

FX:XAUUSD   Gold / US-Dollar
30 0 0
For last couple of months, Gold             has been providing opportunities for both bulls and bears. As we pointed out in our previous posts, Gold             has been mustering courage and getting help from Fed to re-test the resistance levels near 1200. Now since it has failed 50 WMA (Weekly Moving Average) and coming down, what's the trade?
We would like to trade Gold             according to these two scenarios. ( Mostly with options to limit the risk )
1.) Buying calls ( expecting gold             to go higher ) if it goes back near 1140 - 1150.
2.) Buying puts ( expecting gold             to go down ) if it shoots up all the way up to 1225 - 1230. But here caution is advisable since there are probabilities for Fed not hiking at all this year and stay dovish and that case gets worse by simultaneous equity meltdown. In that case Gold             might be unstoppable until 1300 or higher.
So basically ground is fertile for gold             to go higher in short and medium term. But long term we remain rally sellers as usual.
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