Jeffrey Nichols looks for Gold to move up into higher trading range

NEW YORK (Scrap Register): Veteran analyst Jeffrey Nichols looks for gold to move into a higher trading range in the not-too-distant future. For now, prices are range-bound not far below the 200-day moving average, pointed out the managing director of American Precious Metals Advisors and senior economic consultant for Rosland Capital. 
“We think the news — both economic and political — is likely to favor the long side of the market with gold more likely than not to ratchet up into a somewhat higher trading range in the next week or two,” Nichols added.
Interestingly, the bulk of trading has lately been amongst a small number of hedge funds and institutional speculators.  At the same time, retail interest remains fairly positive with good demand for bullion coins and small bars 
“Also, it looks like Chinese and Indian buyers are using the recent lackluster market as an opportunity to add to their long-term holdings. In general, we think Western traders and investors are missing the global picture, which remains fairly positive and may be presaging the next major move into higher territory,” Nichols noted.