Gold found resistance at the 65 week moving average yesterday, exactly where we advised our subscribers that gold would reverse. After touching 1391, gold fell over $30 as profit taking came in, with the price falling back as far as the 200 hour moving average at 1358 this morning.
We expect this level to provide solid support for gold and a move back up to retest the weekly highs is, in our view, likely. However, the lack of economic news this week could see a period of consolidation below the highs.
The dollar remains weak, oil has tumbled following the simmering down of tensions in Ukraine and equities have not sold off significantly as of yet.
Support can be found at 1358-1360, 1354, 1350, 1340, 1330-1332, 1322, 1312-1315, 1307, 1295-1300 and 1280.
Resistance can be found at 1370-1373, 1380, 1388-1391, 1395-1400, 1420 and 1435. 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 trading in more detail and some possible Elliot Wave scenarios.
We expect this level to provide solid support for gold and a move back up to retest the weekly highs is, in our view, likely. However, the lack of economic news this week could see a period of consolidation below the highs.
The dollar remains weak, oil has tumbled following the simmering down of tensions in Ukraine and equities have not sold off significantly as of yet.
Support can be found at 1358-1360, 1354, 1350, 1340, 1330-1332, 1322, 1312-1315, 1307, 1295-1300 and 1280.
Resistance can be found at 1370-1373, 1380, 1388-1391, 1395-1400, 1420 and 1435. 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 trading in more detail and some possible Elliot Wave scenarios.