UK Gold Trading Experts
  • Home
  • Trade Like a Pro
  • Gold Blog
  • Subscriber Resources
  • Legal Stuff
    • User Agreement
  • Contact Us

Gold Market Update - 24th Feb

24/2/2015

0 Comments

 
LONG TERM TREND:                     BEARISH
INTERMEDIATE TERM TREND:    NEUTRAL
SHORT TERM TREND:                  BEARISH
VERY SHORT TERM TREND:       BEARISH

After breaking below the key 61.8% retracement level of the rally to 1307 in January, gold has continued to perform weakly, tracing out a pattern of lower highs and lower lows.  The price looks to be headed back to 1167, with the possibility of much lower prices if the 1131 low from last year is breached.

The bulls seem unable to capitalise on any rally and the march lower seems too strong to resist – there is support near 1190 and below that 1180 before the 1167 number comes into view.

Oil remains very weak and is back below $50 a barrel after a brief rally from $44, equities remain at or near all time highs and the dollar strength does not look to be over.

Support can be found at 1191-1192, 1180-1183, 1175-1178, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and is now moving higher after a classic "bear trap".  The break of the intermediate down trend looks like it may have been a fake move in this difficult market.

Resistance can be found at 1217, 1228, 1233, 1240, 1246, 1252-1256, 1271-1273, 1278, 1282-1284, 1290-1292, 1297 and 1303-1305.  The break of the intermediate down trend appears to have been a fake move, with the price now headed lower again.  A break of 1131 would be very bearish for gold and suggest a return to 1000-1050.

Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.

0 Comments

Gold Market Update - 18th Feb

18/2/2015

0 Comments

 
LONG TERM TREND:                   BEARISH
INTERMEDIATE TERM TREND:    NEUTRAL
SHORT TERM TREND:                 BEARISH
VERY SHORT TERM TREND:       BEARISH

Gold broke down below the key 61.8% retracement level of 1221 yesterday on heavy selling, falling as low as 1206 before stabilising.  The break below this important Fib level suggests a return to 1167, unless gold can recapture 1220 very quickly.

The release of the FOMC minutes this evening could trigger another sharp move in gold, with the bears looking to press home their short term advantage following a month of declines after the price peaked at 1307 in January.

Oil has bounced off lows and is moving higher - the technical picture has improved recently  with the resistance area to watch being near $54 a barrel.

Equities markets remain at or near all time highs, dampening investment interest in gold, whilst the dollar has paused to consolidate recent strong gains.

Support can be found at 1204-1206, 1200, 1192, 1180-1183, 1175-1178, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and is now moving higher after a classic "bear trap".  The break of the intermediate down trend suggests a new rally phase is just beginning.

Resistance can be found at 1217, 1228, 1233, 1240, 1246, 1252-1256, 1271-1273, 1278, 1282-1284, 1290-1292, 1300-1302, 1305, 1310-1312, 1322-1325, 1333-1335 and 1345.  The break of the intermediate down trend line in an impulsive move higher suggests an end to the down trend and the start of a new rally leg in gold.

Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.



0 Comments

Gold Market Update - 13th Feb

13/2/2015

0 Comments

 
LONG TERM TREND:                   BEARISH
INTERMEDIATE TERM TREND:   NEUTRAL
SHORT TERM TREND:                 NEUTRAL
VERY SHORT TERM TREND:       BEARISH



The correction in gold since the 22 January high has continued this week, with the price retracing 61.8% of the rally.  The low of 1216 was just below this key support area, however the price quickly rallied back above the closely watched retracement level.


If gold continues to decline next week it would suggest a return to the sub-1200 prices we saw at the end of last year and would be a blow to the bulls who have high hopes following the strong rally in January. The bulls will be looking to defend this level and move higher again, with a break of 1240 confirming that the rally is intact.


Equities remain near all time highs, oil is attempting to move higher after bouncing off $44 a barrel and the dollar is correcting after a strong rally that took the index well above 95 and to multi-year highs.

Support can be found at 1222-1225, 1217, 1204, 1200, 1192, 1180-1183, 1175-1178, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and is now moving higher after a classic "bear trap".  The break of the intermediate down trend suggests a new rally phase is just beginning.

Resistance can be found at 1231-1233, 1240, 1246, 1252-1256, 1271-1273, 1278, 1282-1284, 1290-1292, 1300-1302, 1305, 1310-1312, 1322-1325, 1333-1335 and 1345.  The break of the intermediate down trend line in an impulsive move higher suggests an end to the down trend and the start of a new rally leg in gold.

Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.





0 Comments

Gold Market Update - 4th Feb

4/2/2015

0 Comments

 
LONG TERM TREND:                    BEARISH
INTERMEDIATE TERM TREND:   NEUTRAL
SHORT TERM TREND:                 BULLISH
VERY SHORT TERM TREND:       NEUTRAL/BEARISH


Gold corrected back to the 38.2% retracement level at 1255 following a sharp impulsive rally in January from 1167 to 1307, before moving sharply higher.  The price formed a “double top” at 1285 before reversing course again, forming a “double bottom” at 1255 which appears to be holding as the price is higher this morning.

It is likely that the correction is over, with the possibility of a final test of the 38.2% retracement or even the 50% retracement at 1239 following the release of the Non-Farm Payroll number on Friday.  We expect higher prices in the short term.

Equities remain strong with indices near all time highs and any dips being seen as buying opportunities.  Oil has surged 8% higher overnight after a protracted and devastating decline to below $44 a barrel, however it is far too early to call a bottom and the down trend remains firmly entrenched.

The dollar fell sharply yesterday from above 95 on the index, though is still relatively strong near 94.

Support can be found at 1255, 1245, 1222-1225, 1210, 1204, 1200, 1192, 1180-1183, 1175-1178, 1172, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and is now moving higher after a classic "bear trap".  The break of the intermediate down trend suggests a new rally phase is just beginning.

Resistance can be found at 1271-1273, 1278, 1282-1284, 1290-1292, 1300-1302, 1305, 1310-1312, 1322-1325, 1333-1335 and 1345.  The break of the intermediate down trend line in an impulsive move higher suggests an end to the down trend and the start of a new rally leg in gold.

Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.


0 Comments

    Old Posts

    August 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    March 2019
    January 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    July 2016
    March 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011

UK Gold Trading Experts (UKGTE) is a trading name of Drupac Limited, a company registered in England and Wales (company number 09167819) whose registered office is 1 St. Paul's Square, Birmingham, B3 1QU.