LONG TERM TREND: BEARISH
INTERMEDIATE TERM TREND: NEUTRAL/BEARISH
SHORT TERM TREND: BEARISH
VERY SHORT TERM TREND: BEARISH
Gold continued to fall steadily last week after breaking down through the lower boundary of the triangle that has formed during 2014 on the daily chart. Gold hit a low of 1225 overnight and has found some support, with the price currently at 1235.
However, the break out of the triangle suggests that the price will eventually make its way down to 1180 and retest that critical support area. The dollar continues to climb, oil is weak on feeble global demand and equities remain well supported - this contributes to the bearish picture in gold.
This week sees the FOMC meeting in the US that will be closely watched for an indication of when interest rates are likely to rise. Also the Scottish independance referendum could have a significant impact on currency markets and therefore gold, particularly if the Scots vote to go it alone.
Support can be found at 1220-1225, 1210, 1200 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term - a failure to break the 65 week MA would make this scenario much more likely.
Resistance can be found at 1240, 1257-1258, 1263, 1271-1273, 1277, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335, 1340-1342, 1352-1354, 1392-1395, 1400, 1420 and 1435. A second failure to break through the key 65 week MA would suggest that the intermediate down trend is intact and a retest of 1240 and possibly 1180 is likely.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our next trade.
INTERMEDIATE TERM TREND: NEUTRAL/BEARISH
SHORT TERM TREND: BEARISH
VERY SHORT TERM TREND: BEARISH
Gold continued to fall steadily last week after breaking down through the lower boundary of the triangle that has formed during 2014 on the daily chart. Gold hit a low of 1225 overnight and has found some support, with the price currently at 1235.
However, the break out of the triangle suggests that the price will eventually make its way down to 1180 and retest that critical support area. The dollar continues to climb, oil is weak on feeble global demand and equities remain well supported - this contributes to the bearish picture in gold.
This week sees the FOMC meeting in the US that will be closely watched for an indication of when interest rates are likely to rise. Also the Scottish independance referendum could have a significant impact on currency markets and therefore gold, particularly if the Scots vote to go it alone.
Support can be found at 1220-1225, 1210, 1200 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term - a failure to break the 65 week MA would make this scenario much more likely.
Resistance can be found at 1240, 1257-1258, 1263, 1271-1273, 1277, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335, 1340-1342, 1352-1354, 1392-1395, 1400, 1420 and 1435. A second failure to break through the key 65 week MA would suggest that the intermediate down trend is intact and a retest of 1240 and possibly 1180 is likely.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our next trade.