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Gold Market Update - 19th Jul

19/7/2013

2 Comments

 
Trade Gold Online.
Gold drifted higher yesterday in quiet trading and hit a high of 1295 overnight before dropping back to currently trade around 1287.

The current rally looks to have run out of steam and the strong rejection of 1300 on Wednesday will have unsettled the bulls and emboldened the shorts.  There is heavy resistance above the current price all the way up to 1350 and the powerful down trend continues to act as a magnet, pulling prices lower.

US equities hit a new all time high yesterday and oil continues to power higher, trading well above $107 and surging higher on its way to $110 and $114, our next targets for oil.  Interestingly, the strength in oil has not translated to strength in gold - the two markets have displayed very little correlation in recent months.

The dollar is exerting most influence over gold at the moment, though the fact that gold falls hard when the dollar rises and does not rise much at all when the dollar falls is another worrying signal for the bulls.

Today's video for subscribers looks at the recent trading in more detail and the signals we can pick up from the weekly gold chart.

2 Comments
Basse Tuhkunen
20/7/2013 01:41:36 am

Hi, I have been trading gold with my personal saving and have lost money because I bought gold at 1540 and needed the money for a short time period then I had to sold at 1350. Now that got back some savings I am thinking what to do: I have to find a proper method to cash in also will acquiring. Doing so I have found this method on the web : http://www.buygoldordie.com/2013/07/make-20-profit-with-gold-trading-in-1-month/ You seem experts. What do think of it? BR: Nice summer. Basse

Reply
Customer Services link
20/7/2013 01:53:11 am

Hi Basse, thanks for your enquiry - sounds like you got really stung with your trade.

We've not heard of the "Buy Gold or Die" website before, but it's certainly a bit of a strange name for a website offering serious advice.

Their method for trading up to their reported 20% gain each month is based upon physical purchase from local bullion dealers - whereas we trade by spreadbetting on the price of gold. Not really comparable.

I wouldn't want to comment on whether their method works or not - that's not for us to say. I would suggest though if something looks too good to be true it usually is.

Good luck if you do decide to try it. If you wanted more advice and access to our team of experts, you can get a 2-week free trial of our service at www.goldtradingexperts.com/our-products

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