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Gold Market Update 12th August

12/8/2013

2 Comments

 
Trade Gold Online - Daily Gold Trading Blog
Gold has risen by over $20 overnight in the Asia session, largely due to short-term safe haven trading as equities are down and because 2nd quarter US growth forecasts have been slightly reigned in as a result of unexpectedly lower US wholesale inventories – any news at the moment which could possibly have an impact on the tapering of QE tends to ripple the gold market before price action resumes its previous behaviour.

Should gold break above 1355 it’s likely that it will reach 1400 pretty quickly as stop positions are taken out – there’s nothing much in the way to prevent the climb to 1400, but after that there is resistance at 1415 and 1425.

It’s more likely that we’ll see price resume its downwards action - we expect gold to pull back towards 1300 and then 1280, with strong support coming in around 1270.


2 Comments
Jawwad Ahmad Khan link
11/8/2013 11:31:51 pm

I want to follow your trades, how can i get to know your daily gold trades????

Reply
UKGTE Customer Services link
12/8/2013 11:04:39 pm

Hi Jawwad - you can get a 2 week free trial of our service if you click on "our products".

Thanks

Reply



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