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

Gold Market Update - 11th Aug

11/8/2015

2 Comments

 
LONG TERM TREND                             BEARISH
INTERMEDIATE TERM TREND              BEARISH
SHORT TERM TREND                           BEARISH
VERY SHORT TERM TREND                 BULLISH
 
We said in last week’s blog that gold was clearly attempting to form a base for a rally back up to 1130-1140 and this appears to have been a correct call.  After successfully testing 1080 as support on three separate occasions last week, gold broke out above the 20 DMA at 1102 and has hit a high of 1120 this morning.  The price is also well above the 80 hour and 200 hour MAs which have both now turned upwards.


The 1130 level will provide strong resistance after being major support for so long and a break above this level targets 1150.  We do not expect a rally much higher than 1150, as the bears remain in complete control with 1000-1050 still the near term target.

Equities remain weak as the uncertainty in China weighs on prices, whilst oil has stabilised with the price climbing back up towards $50 a barrel after a prolonged sell off.

Support can be found at 1102, 1094, 1082-1080, 1074, 1045, 1000, 950, 867 and 806.  The break of 1130 is very bearish for gold and suggest a return to 1000-1050 in the first instance.

Resistance can be found at 1120, 1130, 1142, 1147, 1163, 1170, 1175, 1184, 1204, 1208-1210, 1215, 1220-1223, 1235 and 1252-1256.  Gold has broken below the 2014 lows and looks be headed much lower.

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


2 Comments
Dev verma
7/10/2015 02:10:12 pm

Why r u not updating ur new blogs.....?
We r waiting... I must watch all ur blogs... These are very useful for a traders...

Reply
Deepishikha link
8/10/2015 01:34:08 pm

Financial leverage is the ability to trade and manage a high market value product with a fraction of the total value. Trading Gold futures contracts is done with performance margin. As gold comes in the bullion category if you want to trade in bullion and need some experts advice for mcx bullion tips then you can visit MMF Solutions blog.

Reply



Leave a Reply.

    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.