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

Gold Market Update - 14th Feb 2017

14/2/2017

2 Comments

 
LONG TERM TREND                            BEARISH
INTERMEDIATE TERM TREND             BEARISH
SHORT TERM TREND                          BULLISH
VERY SHORT TERM TREND                 BEARISH


Gold broke through the first downtrend channel line at 1215 at the start of the month and rallied as high as the 200 week MA at 1246, before retracing for the past few days, finding support in the critical 1218-1222 zone.

The gold price is currently around 1230 with markets eagerly awaiting Janet Yellen’s testimony later today for future direction.  Any move below 1218 should see an acceleration to the downside, with 1180 the first target.

Gold remains above the 20 and 50 day moving averages but below the key 200 day moving average, currently at 1263 and until gold can break the long term down trend line, last tested after the US election result and unbroken for 6 years, we remain bearish for gold in the intermediate and long term timeframes.  This line is currently at 1315 and moving slowly lower.
Oil remains in an uptrend, having rebounded strongly from the 2016 lows below $30 a barrel and is now trading at nearly $54 a barrel.
​
Support can be found at 1218-1222, 1207, 1198, 1180, 1172, 1160, 1145, 1122, 1100, 1072 and 1045.  The recent sell off and rejection of the long term down trend line is bearish for gold in the long term timeframe and suggests a move towards the 2016 lows is likely, unless gold can break above the 2011 down trend line.

Resistance can be found at  1237, 1262, 1280, 1300 and 1317.  Gold needs to break the key resistance level at 1317 to give the bulls some momentum and long term control.
2 Comments
Equity Future tips link
17/2/2017 05:28:14 am

Hello everyone, I do believe this is a great blog. I stumbledupon it I am going to come
back once again since i have saved as a favorite it.


BUY HDFC FUTURE ABOVE 1414 TG 1420, 1428, 1438 SL 1404,

Reply
remi link
17/2/2017 05:09:31 pm

Gold and Silver for Life is a new, top notch training that will help you protect your wealth with gold and silver and create a monthly income and profits from the currency crunch. It really works and the training is of high quality. This is a high quality and practical training program created by Minesh Bhindi. He has a lot of experience in the capital market. You can make between 12 to 26 percent income per year in just three steps.
read more.. http://GoldAndSilverForLife.com/partner?p=romeoicq&w=webinar

Reply



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.