Gold traded in a narrow range yesterday with a downward bias, drifting as low as 1425 before finding support. Overnight, gold moved slightly higher and is currently trading around 1438, below resistance at 1440 and continuing in the recent downtrend.
The price was pressured yesterday by a stronger dollar (the normal inverse relationship reasserting itself in recent days) and a weaker oil price, however this morning this is reversed and consequently gold is a little higher.
There is not much on the economic calendar today though tomorrow brings a bit more for traders to focus on.
For now, the downtrrend remains the dominant force, with support at 1418 and 1404 below the market. First resistance comes in at 1440, then 1450 and 1460.
Today's video for subscribers looks at the recent action in more detail and our strategy for our current trade.
The price was pressured yesterday by a stronger dollar (the normal inverse relationship reasserting itself in recent days) and a weaker oil price, however this morning this is reversed and consequently gold is a little higher.
There is not much on the economic calendar today though tomorrow brings a bit more for traders to focus on.
For now, the downtrrend remains the dominant force, with support at 1418 and 1404 below the market. First resistance comes in at 1440, then 1450 and 1460.
Today's video for subscribers looks at the recent action in more detail and our strategy for our current trade.