LONG TERM TREND: BEARISH
INTERMEDIATE TERM TREND: NEUTRAL
SHORT TERM TREND: BULLISH/NEUTRAL
VERY SHORT TERM TREND: BULLISH
There are some potentially interesting developments in gold today with the price breaking the 100 DMA and the intermediate term down trend line, suggesting the long established down trend may be over.
The weekly close in gold above 1222, in the face of a cratering oil price, rising equities and a surging dollar, is particularly encouraging for the bulls - the next target is 1238 after which a move towards 1300 should develop.
Support can be found at 1222, 1218, 1210, 1204, 1200, 1192, 1180-1183, 1175-1178, 1172, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and appears to be trying to build a base to move higher in what would be a classic "bear trap".
Resistance can be found at 1235-1238, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A third failure to break the down trend line on the weekly chart 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.
INTERMEDIATE TERM TREND: NEUTRAL
SHORT TERM TREND: BULLISH/NEUTRAL
VERY SHORT TERM TREND: BULLISH
There are some potentially interesting developments in gold today with the price breaking the 100 DMA and the intermediate term down trend line, suggesting the long established down trend may be over.
The weekly close in gold above 1222, in the face of a cratering oil price, rising equities and a surging dollar, is particularly encouraging for the bulls - the next target is 1238 after which a move towards 1300 should develop.
Support can be found at 1222, 1218, 1210, 1204, 1200, 1192, 1180-1183, 1175-1178, 1172, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and appears to be trying to build a base to move higher in what would be a classic "bear trap".
Resistance can be found at 1235-1238, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A third failure to break the down trend line on the weekly chart 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.