Gold continued its recent weakness on Friday, breaking key support at 1440 in late morning trading, triggering a wave of sell stops. The price fell sharply to 1419 before finding support and rising into the close due to weekend book squaring to finish the week at 1448.
This morning, gold has resumed its downside momentum, currently trading around 1429 and looking vulnerable to further downside and a move towards 1400 in the short term.
The emerging chart is showing a clear pattern of lower highs and lower lows which suggests the recovery rally from the 1322 lows is over and the bears look ready to reassert themselves and push prices lower.
Oil traded wildly on Friday, initially dropping below recent support at $94.88, triggering sell stops and falling sharply, before recovering powerfully to finish the day unchanged. The price is falling again this morning and is currently trading around $95 a barrel.
Equities continue to surge higher, driven by investor momentum and technical factors, whilst the dollar is gaining ground and looks ready to challenge key resistance at 84 again.
Today's video for subscribers looks at the recent trading in more detail and our targets for the current decline.
This morning, gold has resumed its downside momentum, currently trading around 1429 and looking vulnerable to further downside and a move towards 1400 in the short term.
The emerging chart is showing a clear pattern of lower highs and lower lows which suggests the recovery rally from the 1322 lows is over and the bears look ready to reassert themselves and push prices lower.
Oil traded wildly on Friday, initially dropping below recent support at $94.88, triggering sell stops and falling sharply, before recovering powerfully to finish the day unchanged. The price is falling again this morning and is currently trading around $95 a barrel.
Equities continue to surge higher, driven by investor momentum and technical factors, whilst the dollar is gaining ground and looks ready to challenge key resistance at 84 again.
Today's video for subscribers looks at the recent trading in more detail and our targets for the current decline.
