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

Gold Market Update - 1st Aug

1/8/2014

0 Comments

 
Gold broke below the 20 DMA yesterday, tumbling below last week's low at 1287 and falling as far as 1280 before finding some support.  This level coincides with the 61.8% Fib retracement and the bottom of the down trend channel so it is not surprising that the price found some buying interest here.

Yesterday's trading session saw equities down sharply, with oil and other commodities joining the rout and the dollar benefitting as we witnessed a "flight to safety".  It is disconcerting that gold could not capitalise on this "safe haven" trade as it fell sharply alongside other risk assets.

We maintain our bearish stance on gold and a break of 1274 would suggest a return to 1240 was on the cards.

Support can be found at 1280, 1274, 1263, 1257-1260, 1250-1252, 1237-1240, 1220-1225, 1210, 1200 and 1180.  A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term - a failure to break the 65 week MA would make this much more likely.

Resistance can be found at 1292, 1302-1305, 1310, 1318-1322, 1325-1326, 1333-1335, 1340-1342, 1352-1354, 1392-1395, 1400, 1420 and 1435.  We appear to be witnessing a second failure to break through the key 65 week MA - this would suggest that the intermediate down trend is intact and a retest of 1240 and possibly 1180 is likely.

Today's video for subscribers looks at the recent 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.