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.
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.