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Gold Market Update - 15th Dec

15/12/2014

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LONG TERM TREND:                   BEARISH
INTERMEDIATE TERM TREND:    BEARISH/NEUTRAL
SHORT TERM TREND:                 BULLISH
VERY SHORT TERM TREND:       NEUTRAL

Since hitting a high of 1238 last week, gold has drifted lower in a "bull flag" pattern, finding support at 1210.  The price remains above both the 20 DMA and 50 DMA which have turned upwards, suggesting a change in the short term trend is underway.

The weekly chart shows gold is yet again attempting to break the long term downtrend line, currently at 1206 with a confluence of moving averages just above this level providing strong resistance.  If gold can manage to break through these moving averages, a target of 1300 comes into play.

Equities have tumbled over 4% in the past week or so, helping boost gold's appeal, however the dollar has remained strong and is near to multi-year highs.  Oil has collapsed to a low of $57 a barrel, a level almost unthinkable just a few months ago, however this morning the price is rebounding slightly.

Support can be found at 1209, 1200, 1191, 1186, 1180-1183, 1175-1178, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000 . Gold has bounced back and appears to be building a base to move higher after breaching the critical 1180 level, in what looks to be a classic "bear trap".

Resistance can be found at 1222, 1235-1238, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345.  A second failure to break through the key 65 week MA confirms that the intermediate down trend is intact however the recent trading suggests the bulls may be building a base for a rally.

Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.
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