Gold was on the defensive during early trading yesterday, though received a boost from news that France is not planning to sell any gold reserves, after rumours circulated suggesting this was an option, sending the price temporarily up from 1322 to 1337.
This "knee jerk" rally did not last and traders saw an opportunity to sell into the price rise, with gold falling back to settle under 1330. This morning, gold is slightly firmer on news of the Federal Government partial shutdown in the US and a weaker dollar.
Gold remains within a well established down trend and below both the 20 and 50 DMAs, with the 20 DMA having just made a bearish crossover with the 50 DMA.
Resistance can be found at 1337, 1344, 1348-1353, 1375, 1400 and 1434, with support coming in at 1322, 1317, 1307, 1300, 1292 and 1272. A break above 1434 will suggest a rise towards 1500 and a break below 1272 will suggest a swift return to 1180.
Equities remain in corrective mood, though the bull trend is firmly in place and intact, whilst oil continues to drop, hitting $101 a barrel yesterday.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our next trade.
This "knee jerk" rally did not last and traders saw an opportunity to sell into the price rise, with gold falling back to settle under 1330. This morning, gold is slightly firmer on news of the Federal Government partial shutdown in the US and a weaker dollar.
Gold remains within a well established down trend and below both the 20 and 50 DMAs, with the 20 DMA having just made a bearish crossover with the 50 DMA.
Resistance can be found at 1337, 1344, 1348-1353, 1375, 1400 and 1434, with support coming in at 1322, 1317, 1307, 1300, 1292 and 1272. A break above 1434 will suggest a rise towards 1500 and a break below 1272 will suggest a swift return to 1180.
Equities remain in corrective mood, though the bull trend is firmly in place and intact, whilst oil continues to drop, hitting $101 a barrel yesterday.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our next trade.