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

Gold Market Update - 12th Jun

12/6/2013

0 Comments

 
Picture
The sell off in gold continued yesterday, with gold making a low of 1366 before rebounding to close around 1380.  The market looks very weak technically and, although we may see a mild bounce over the next day or two as Chinese buyers return to boost physical demand, the down trend remains in force and prices are likely to continue to move lower.

We anticipate a retest of 1338/1321 - it is likely that these levels of support will fail and we will see another sharp drop in the price of gold, although this drop may be short lived.

Equities and oil are moving higher and the dollar is stabilising after falling sharply in recent trading sessions.  The fact that gold has not risen as the dollar has declined from 84 to 81 is very concerning for the bulls and a clear indication that the down trend remains the dominant force at this time.

A bounce in the dollar, coupled with a renewed rally in equities during the weakest part of the year for gold prices, suggests that our analysis for near term weakness is the most likely scenario.

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.