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

Gold Market Update - 15th Nov

15/11/2013

1 Comment

 
Trade Gold Online Trader
Gold continued to rebound after hitting the lower boundary of the triangle consolidation at 1260 on Wednesday, with the price climbing as high as 1295 before finding resistance at the 200 hour MA.

This morning, gold is slightly lower in quiet trading, though is trading above the important 1277 level at around 1283.

Gold remains within the large triangle consolidation - we are watching for a breach of 1250 to confirm
a downside break or alternatively a breach of 1350 to confirm an upside break and reversal in gold.  Our preference is for a downside break and retest of 1180.

Importantly, the dollar has tested and held the 81 area, with this level now established as important near term support.  Further dollar strength will translate into gold weakness as the inverse correlation between the two has been strong of late.

Equities remain at all time highs, with the S&P approaching 1800.  We maintain our stance that gold will not sustain a meaningful rally unless or until equities correct in a substantial way.

Support can be found at 1277-1280, 1260, 1250, 1207 and 1180.  A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 as a minimum.

Resistance can be found at 1291, 1295, 1300, 1310, 1320-1322, 1328-1330, 1338-1342, 1352-1355 and 1360.  A break above 1360 would suggest a new bull trend was underway, though it would take a break of 1434 to confirm this was the case, with a target of 1525 as a minimum.

Today's video for subscribers takes a detailed look at the triangle consolidation and our strategy for our next trade.

1 Comment
Carl Vander Stichele link
16/11/2013 08:53:11 pm

an extended technical analysis of gold http://localsfoolsgold.blogspot.be/2013/11/how-to-analyse-and-end-of-week-what-do.html

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.