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

Gold Market Update - 11th Oct

11/10/2013

0 Comments

 
Trade Gold Online Trader
Gold traded sharply lower last night as news of a potential resolution to the "debt ceiling" in the US filtered through.  Gold is still firmly entrenched in the down trend channel that has contained the price since the 1434 top and is approaching critical support in the 1272-1277 area.

To illustrate how critical this area is for gold, a break of this zone will suggest a return to 1180 in the short term and have potentially grave consequences for gold in the longer term, as it would go a long way to confirming our "bearish" Elliot Wave count with a downside target of 1000-1050.

However a bounce off this area and move higher, breaking out of the down trend channel, would suggest a "double bottom" at the 61.8% retracement level and set the market up for a strong rally back towards 1500.

The dollar has found support around 80 and the resolution of US Government difficulties can only be positive for the dollar.  Equities remain strong and a resumption of the rally in stocks would put more pressure on gold.

There is little in the way of data released today, so we may see quiet trading into the weekend, barring a break of 1272-1277.

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

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.