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

Gold Market Update - 25th Nov

25/11/2013

1 Comment

 
Trade Gold Online Trader
After closing near the weekly lows on Friday, resulting in a large red candle on the weekly chart, the selling in gold has continued this morning with the price falling below last week's low.

Overnight the low was 1225 - the price is currently 1231 with the bears gunning for major support at 1180 as their next target.

The dollar is stronger this morning, as are equities, whilst oil remains weak - it appears that the same trading pattern as last week is establishing itself again in what will be a holiday shortened week.  With Thanksgiving on Thursday, traders are likely to take Friday off and we would expect little price movement as we approach the end of the week.

Gold is running out of support levels before we test 1180, with 1207-1210 the only meaningful support.  The round number at 1200 may provide some support, however we suspect the bears have got the bit between their teeth and will force a test of 1180 as a minimum.

Support can be found at 1225, 1220, 1207-1210, 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.

Resistance can be found at 1238, 1250, 1260, 1270, 1277-1280 and 1291-1295.  A break above 1295 would suggest an end to the downtrend, though it would take a break of 1360 to confirm this was the case.

Today's video for subscribers looks at last week's trading in detail and examines the longer term implications of the break below 1250.

1 Comment
Call Option Put Option Tips link
27/12/2013 04:33:47 am

This post is extremely useful post for those who are trading in options. Amazing work.

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.