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

Gold Market Update - 18th Jul

18/7/2013

0 Comments

 
Trade Gold Online
Gold rose slightly after Ben Bernanke's prepared statement was released yesterday, though sold off quite sharply after testing 1300, falling as low as 1270 before finding support.  The price is currently trading around 1277and 1300-1302 is clearly a strong resistance area.

Bernanke's statement to Congress did nto contain any surprises or anything new, however the prospect of tapering QE later this year and into 2014 gave the dollar a boost and put gold under pressure.

It is interesting to see how sensitive the gold price is to dollar rallies at the moment, though the price barely rose at all during the dollar's recent sell off.  This is bearish for gold and worrisome for the bulls (of which there are still too many for us to declare the sell off over).

We have said for many months that a strong rally in gold will not occur until there is a meaningful correction in equities - this looks further away than ever as the US stock markets are testing their all time highs again after a healthy correction back to the break out point during June.

The dollar looks to be stabilising after its sharp sell off last week and, as we have noted above, any dollar strength will translate to gold weakness. 

Today's video for subscribers looks at yesterday's trading action in more detail and our strategy for our next trade.

0 Comments



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.