LONG TERM TREND BEARISH
INTERMEDIATE TERM TREND NEUTRAL/BEARISH
SHORT TERM TREND BEARISH
VERY SHORT TERM TREND BEARISH
Gold has steadily sold off over the past week, with the continuing Greek crisis failing to see safe haven demand boost gold’s appeal. Any short-lived rally is being seen as an opportunity to sell off, with a series of lower highs and lower lows being formed on the daily chart.
Gold is well below all of the major Moving Averages on the daily chart and the 200 hour Moving Average is providing resistance in the short term in a clear down trend. We expect a test of 1130 in the short term and a failure to hold this level will result in a sharp move down towards 1000-1050 quite quickly.
Equities are recovering after a sharp sell off and oil is tumbling after a strong rally, further pressuring gold – there is currently very little to suggest gold can rally from here.
Support can be found at 1151, 1147, 1142, 1131, 1124, 1100, 1085, 1045, 1000, 950, 867 and 806. A break of 1130 would be very bearish for gold and suggest a return to 1000-1050 in the first instance.
Resistance can be found at 1163, 1170, 1175, 1184, 1191-1192, 1196-1197, 1204, 1208-1210, 1215, 1220-1223, 1252-1256, 1274, 1285, 1297 and 1305-1308. After a promising move higher following the break of 1180 last year, gold has failed to break the intermediate down trend and is now heading lower again, closing in on the 2014 lows.
Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.
INTERMEDIATE TERM TREND NEUTRAL/BEARISH
SHORT TERM TREND BEARISH
VERY SHORT TERM TREND BEARISH
Gold has steadily sold off over the past week, with the continuing Greek crisis failing to see safe haven demand boost gold’s appeal. Any short-lived rally is being seen as an opportunity to sell off, with a series of lower highs and lower lows being formed on the daily chart.
Gold is well below all of the major Moving Averages on the daily chart and the 200 hour Moving Average is providing resistance in the short term in a clear down trend. We expect a test of 1130 in the short term and a failure to hold this level will result in a sharp move down towards 1000-1050 quite quickly.
Equities are recovering after a sharp sell off and oil is tumbling after a strong rally, further pressuring gold – there is currently very little to suggest gold can rally from here.
Support can be found at 1151, 1147, 1142, 1131, 1124, 1100, 1085, 1045, 1000, 950, 867 and 806. A break of 1130 would be very bearish for gold and suggest a return to 1000-1050 in the first instance.
Resistance can be found at 1163, 1170, 1175, 1184, 1191-1192, 1196-1197, 1204, 1208-1210, 1215, 1220-1223, 1252-1256, 1274, 1285, 1297 and 1305-1308. After a promising move higher following the break of 1180 last year, gold has failed to break the intermediate down trend and is now heading lower again, closing in on the 2014 lows.
Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.