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Gold Market Update - 17th Feb

17/2/2014

2 Comments

 
Trade Gold Online Trader
Gold finished near the highs of the week on Friday, closing above the 200 DMA for the first time in a year and looking likely to see further buying this week.

This morning, gold has got off to a positive start, reaching resistance at 1326-1330 and moving higher along the steep uptrend line.  The recent rally has been impressive and impulsive in nature, with no overlapping waves and a series of progressively higher highs and higher lows.

The tumbling dollar has helped propel gold higher, with anaemic equity markets and a surging oil price helping provide a perfect environment for gold to shine, along with silver.

Support can be found at 1294-1296, 1284-1286, 1280, 1270-1275, 1266-1268, 1250-1255, 1237-1240, 1220-1225, 1210, 1200, 1188-1190 and 1180.  A break of 1180 would have serious bearish implications for gold and suggest a decline to
1000-1050 in the short term, though is looking increasingly unlikely.

Resistance can be found at 1326-1330, 1350, 1360 and 1377-1380.  The breakout above 1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.

Today's video for subscribers looks at the recent rally in more detail and our targets for this rally.

2 Comments
sunny
17/2/2014 02:59:26 am

dear i have subscribed to the site but i'm not able to find the videos, any help regarding that....

Reply
UKGTE Customer Services link
17/2/2014 07:35:31 am

Sunny - please email us at info@goldtradingexperts.com with your user name/ email address and we'll be able to help.

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