Gold is bounded by 1750 as strong support and 1800 as major resistance and has been for the last few trading sessions. The eventual break from this range should result in a significant move - we still expect this to be to the upside and remain long from 1782.
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We have a series of higher lows on the charts and another attempt at breaking 1800 looks imminent to us. This should be the start of a rally to test the all time high around 1920. Long from 1782, stop at 1748.
Gold is under pressure this morning, having failed to break 1800 yesterday. There is strong support at 1750 and we expect a successful breach of 1800 before long. Long from 1782, stop at 1748.
The market broke decisively above 1780 on Friday and we are now long from 1782. The market has traded as high as 1796 overnight, we expect a solid rally to begin once the maket breaks and holds above 1800. Our stop is set at 1748.
This has been a very successful month for UKGTE, we've banked $130 of profit, which is an 82% profit in one month!
It is our view that the short term correction in gold has further to go, our targets are 1728 and 1705. We do not expect the market to fall below 1680, which should serve as major support. We will watch for signs of a bottom as the market hits these targets with a view to taking a long position.
A break above 1780 would alert us that the correction may be over, we do not expect this to be the case. Gold has sold off overnight with equity markets, intital Fib support at 1756, a deeper correction could go to 1728 or 1705. For now we are flat and watching for signs of a bottom to re-enter the market on the long side.
The failure to hold above 1800 led to a sharp $25 sell off last night, though buying came back in on weakness and we maintain our bullish stance. We have moved our stop up to 1775 to "bank" a good profit should 1800 prove too much resistance at this time and a deeper correction play out
As predicted, the gold market hit 1800 and ran into some mild profit taking. We are looking for a close above 1800, the next target after that is 1828, being the 76.4% retracement of the move from the all time high at 1921 to the Wave 4 low at 1533.
Gold is up solidly this morning continuing where it left off last week, some resistance at 1774, however this should not prove much of a problem and 1800 is now firmly in the sights. We remain long and have moved our stop up to 1746.
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Old Posts
August 2021
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