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

Gold Market Update - 1st Feb

1/2/2013

2 Comments

 
As so often happens after a "knee jerk" reaction move, gold fully retraced Wednesday's GDP-fuelled price jump yesterday and is now trading around 1665, the area it was at before the GDP announcement.

The market is now focussed on the US jobs number, to be released at 1.30pm UK time.  As one of the stated aims of the Fed is an unemployment rate of 6.5%, the jobs report has taken on even greater significance for gold, as an improving employment picture will signal an early end to quantitative easing - conversely a weak jobs number will suggest further stimulus or a continuance of the quantitative easing programme at least.

We commented yesterday that we were expecting a Wave C decline from 1683 and that appears to be what we are seeing.  The market found support at 1657 yesterday, though the bounce since has been tepid and shallow - we therefore expect further declines before this ABC correction is over and a meaningful rally can begin.

We would ideally like to see a spike low and strong recovery - today's video looks at our targets for this spike low and our strategy for our next trade.
2 Comments
Rose Jackson link
4/2/2013 12:25:05 am

I believe that there would be some appreciation in the prices in the near future. Due to changes in the economic scenario and expectations for the future, the prices will go up and the buying will also increase.

Reply
UKGTE link
4/2/2013 12:29:01 am

You are probably right Rose. We too expect higher prices soon this year.

Reply



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.