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

Gold Market Update - 11th Dec

11/12/2014

0 Comments

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

Gold hit a new rally high of 1238 near the 100 DMA on Tuesday, forming a "double top" at that level yesterday.  The price has since fallen back to retest the uptrend channel line at 1217 and there is a potential "three river evening star" candlestick pattern forming on the daily chart.

This would be a bearish development and suggest the recent rally was a short lived reaction to falling equity markets and that the intermediate bear market remains intact.  However, a bounce from these levels and a close above 1220 on a weekly basis would suggest the rally still has more to go.

The equity markets are bouncing this morning after sharp falls due to Chinese markets tumbling and fears of a Greek exit form the Euro looming back into the foreground yet again.  The fact that this bounce is coinciding with a fall in gold is troubling for the bulls and suggests that the bearish scenario above may be playing out.

The dollar rally shows no sign of slowing - with the Euro under pressure due to Greece and its internal problems, the Japanese Yen cratering due to the massive QE expansion programme and the British Pound suffering form proximity to Europe, the dollar is the only show in town.

Support can be found at 1217, 1208, 1200, 1191, 1186, 1180-1183, 1175-1178, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000 . Although the break of 1180 has serious bearish implications for gold and suggests a decline to 1000-1050 in the short term, gold has bounced back and appears to be building a base to move higher.

Resistance can be found at 1222, 1235-1238, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345.  A second failure to break through the key 65 week MA confirms that the intermediate down trend is intact however the recent trading suggests the bulls may be building a base for a rally.

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



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.