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

Gold Market Update - 12th May

12/5/2014

0 Comments

 
Trade Gold Online Trader
After another quiet day of trading on Friday within a narrow $10 range, gold opened down at the Asian open today before bouncing back sharply and is now trading at 1296, above the 80 and 200 hour MAs again and inside the uptrend channel.

The dollar has rebounded powerfully after testing critical support at 79 last week and is now trading just below 80, whilst the S&P remains near all time highs, albeit stuck below solid resistance at 1885-1895.

Oil remains above $100 a barrel amid continuing tensions in Ukraine and Russia though in general, markets are calm and volatility is low.  There is little in the way of news today that could affect markets and we could see another quiet day of trading ahead.

Support can be found at 1285-1287, 1277, 1273, 1267, 1250-1255, 1237-1240, 1220-1225, 1210, 1200 and 1180.  A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term, though this now looks unlikely unless we break below 1250.

Resistance can be found at 1296-1298, 1304-1307, 1314-1315, 1319-1322, 1330-1332, 1340-1342, 1352-1354, 1392-1395, 1400, 1420 and 1435.  The impulsive breakout above the first down trend line on the weekly chart suggests an end to the intermediate term down trend, however the 65 week MA must be broken before a significant rally can develop.

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



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.