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

Gold Market Update - 8th Oct

8/10/2015

0 Comments

 
LONG TERM TREND                             BEARISH
INTERMEDIATE TERM TREND              BEARISH
SHORT TERM TREND                           NEUTRAL/BULLISH
VERY SHORT TERM TREND                 NEUTRAL
 
Gold continues to trade within a triangle pattern, with the upper boundary currently at 1148 and the lower boundary at 1110.  A break out of the triangle in either direction will result in a powerful trending move, in our view the downside remains the most likely resolution.

Gold remains above both the 20 and 50 DMAs, providing the bulls with something to hang their hat on, however the 100 DMA is providing strong overhead resistance and the down trend channel line has held the price back for almost a year.
​
On the shorter term timeframes, gold is neutral to slightly bullish, with the price above both the 50 and 200 hour MAs, though the price action has been choppy. 

Oil is surging higher, giving gold a slight boost, however the rebound in equities is more than compensating to the downside.

Support can be found at 1136, 1130, 1115, 1100, 1080, 1045, 1000, 950, 867 and 806.  The recent break of 1130 is very bearish for gold and suggest a return to 1000-1050 in the first instance.

Resistance can be found at, 1153-1156, 1170-1172, 1184, 1204, 1208-1210, 1215, 1220-1223, 1252-1256, 1274, 1285, 1297 and 1305-1308.  Gold has recently broken below the 2014 lows and looks be headed lower from here.

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.