LONG TERM TREND: BEARISH
INTERMEDIATE TERM TREND: NEUTRAL
SHORT TERM TREND: BULLISH
VERY SHORT TERM TREND: BULLISH
Gold continued to rally sharply at the end of last week in an impulsive move higher that saw the price touch the upper boundary of the intermediate term channel at 1282. We are therefore likely to see a pause in the rally to consolidate gains.
The rally in gold has been all the more impressive as it has been in conjunction with a sharp rally in the dollar - the US currency is now at multi-year highs near 93.
Equities have corrected sharply as gold has moved higher, with the S&P dipping below 2000 last week. Oil has recovered off multi-year lows below $45 a barrel to trade at $48.50 this morning however the trend is clearly still down in crude oil.
Support can be found at 1268, 1256, 1245, 1222-1225, 1210, 1204, 1200, 1192, 1180-1183, 1175-1178, 1172, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and is now moving higher after a classic "bear trap". The break of the intermediate down trend suggests a new rally phase is just beginning.
Resistance can be found at 1282, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. The break of the intermediate down trend line in an impulsive move higher suggests an end to the down trend and the start of a new rally leg in gold.
Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.
INTERMEDIATE TERM TREND: NEUTRAL
SHORT TERM TREND: BULLISH
VERY SHORT TERM TREND: BULLISH
Gold continued to rally sharply at the end of last week in an impulsive move higher that saw the price touch the upper boundary of the intermediate term channel at 1282. We are therefore likely to see a pause in the rally to consolidate gains.
The rally in gold has been all the more impressive as it has been in conjunction with a sharp rally in the dollar - the US currency is now at multi-year highs near 93.
Equities have corrected sharply as gold has moved higher, with the S&P dipping below 2000 last week. Oil has recovered off multi-year lows below $45 a barrel to trade at $48.50 this morning however the trend is clearly still down in crude oil.
Support can be found at 1268, 1256, 1245, 1222-1225, 1210, 1204, 1200, 1192, 1180-1183, 1175-1178, 1172, 1167, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000. Gold has bounced back after breaking below the critical 1180 level and is now moving higher after a classic "bear trap". The break of the intermediate down trend suggests a new rally phase is just beginning.
Resistance can be found at 1282, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. The break of the intermediate down trend line in an impulsive move higher suggests an end to the down trend and the start of a new rally leg in gold.
Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.