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Gold Market Update - 11th Dec

11/12/2013

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We noted yesterday that gold looked like it was trying to form a "double bottom" at 1211 and attempting to move higher - this turned out to be correct as gold surged through resistance at 1250-1260, breaking out of the down trend channel and moving as high as 1268 before finding resistance and falling back to close around 1261.

This morning, gold is holding the 1250-1255 area that is now acting as support, though has not yet managed to build on yesterday's strong gains.

The dollar weakness is persisting, which is aiding gold's rally, whilst a resurgent oil price is also adding to the bullish mood in gold.  We continue to believe that a major rally in gold will not begin until equities correct substantially, though we expect a short term rally to unfold here.

Support can be found at 1250-1255, 1240, 1235, 1223-1227, 1217, 1212, 1200-1207 and 1180.  A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term.

Resistance can be found at 1268-1270, 1277-1280 and 1291-1295.  A break above 1260 would suggest an end to the short term down trend, though it would take a break of 1300 to suggest a more significant rally was developing.

Today's video for subscribers looks at our targets for this rally and our strategy for our next trade.

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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.