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

Gold remains within a 45 point trading range between 1223 and 1178, with a narrower trading range between 1210 and 1193 containing the price movements in the last few trading sessions.  A break out of the narrow trading range will target the boundaries of the wider trading range, with a break out of the wider trading range signalling the next significant move in gold is underway.

Gold is clearly coiling for a big move one way or the other, with the odds favouring the downside as the prevailing trend remains down and gold trading below most of the major moving averages.  The pattern should resolve itself within the next week or two.

Gold has not benefitted from a sharp correction in the dollar, which is concerning for the gold bulls, and any resumption of the dollar rally could spell trouble for gold.

Equities remain near all time highs, diverting investment funds away from commodities and metals, however oil is attempting to rally and is now trading above $56 a barrel.

Support can be found at 1193, 1184, 1178-1182, 1174, 1160, 1142-1145, 1131, 1124, 1100, 1085, 1045, 1000, 950, 867 and 806.  A break of 1131 would be very bearish for gold and suggest a return to 1000-1050 in the first instance.

Resistance can be found at 1204-1205, 1209-1210, 1220-1223, 1252-1256, 1274, 1285, 1297 and 1305-1308.  After a promising move higher following the break of 1180 last year, gold has failed to break the intermediate down trend and is now heading lower again, with the 2014 lows in sight.

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

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

After hitting a high of 1223 on Easter Monday and thereby failing to breach the key 1220-1225 resistance level, gold has retraced back to test the 50% Fib retracement level at 1184.  The price is currently below 1200 and all of the major Moving Averages on the Daily and Weekly charts, entrenched in a short term down trend channel.

A break of 1178-1180 would suggest a return to the key support area at 1142 with a strong possibility of a sharp decline towards 1000. The bulls desperately need to claim 1225 to arrest the decline and build a case for a rally back towards 1300.  We will not consider a change in the intermediate trend unless or until we see a decisive break of the January high at 1308.

Equities are again near all time highs and the dollar remains near 100 after a sharp correction, whilst oil is attempting to rally back above $50 a barrel.

Support can be found at 1184, 1178-1182, 1174, 1160, 1142-1145, 1131, 1124, 1100, 1085, 1045, 1000, 950, 867 and 806.  A break of 1131 would be very bearish for gold and suggest a return to 1000-1050 in the first instance.

Resistance can be found at 1194, 1200, 1207-1209, 1220-1223, 1252-1256, 1274, 1285, 1297 and 1305-1308.  After a promising move higher following the break of 1180 last year, gold has failed to break the intermediate down trend and is now heading lower again, with the 2014 lows in sight.

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

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

Gold surged higher last Thursday, blasting through our target of 1206 and making a high at 1220 near the 50 DMA before retracing the entire rally over the next few trading sessions.  The price bounced off the 20 DMA at 1178, forming a “doji” candlestick on the daily chart yesterday.

Today, after consolidating in a narrow band between 1180 and 1190, gold has surged higher again on the back of weak data from the US, hitting an intraday high of 1204.  The next level of resistance comes in at 1206, being the 38.2% retracement of the decline from 1306 to 1142, with strong resistance coming in at 1220-1225.

Equities have corrected sharply over the last few trading sessions, with the S&P 70 points below the all-time highs at 2120.  The dollar is also correcting after a parabolic rise above 100, whilst oil is tumbling again after a weak rally back above $50.

Support can be found at 1191, 1178-1182, 1168, 1160, 1143-1146, 1131, 1124, 1100, 1085, 1045, 1000, 950, 867 and 806.  A break of 1131 would be very bearish for gold and suggest a return to 1000-1050 in the first instance.

Resistance can be found at 1204-1206, 1209, 1220-1223, 1252-1256, 1274, 1285, 1297 and 1305-1308.  After a promising move higher following the break of 1180 last year, gold has failed to break the intermediate down trend and is now heading lower again, with the 2014 lows in sight.

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