LONG TERM TREND BEARISH
INTERMEDIATE TERM TREND BEARISH
SHORT TERM TREND NEUTRAL/BULLISH
VERY SHORT TERM TREND BEARISH
After plunging over $200 following the election of President Trump (yes that's a real thing!), gold has rebounded powerfully in 2017 in a very similar way to January 2016.
Since making a low at 1122 at the end of December, gold has move as high as 1220, breaking above 20 and 50 day Moving Averages, however we remain well below the longer term and closely watched 200 day Moving Average, currently at 1265.
Gold has since started a retracement of the January rally, falling for the past three days and currently trading around 1187 – below the key 1200 level and close to a 38.2% retracement of the 2017 rally.
Until gold can break the long term down trend line, last tested after the US election result and unbroken for 6 years, we remain bearish for gold in the intermediate and long term timeframes. This line is currently at 1317 and moving slowly lower.
Oil remains strong, having rebounded strongly from the 206 lows below $30 a barrel to trade well above $50 a barrel since the end of November 2016 and equity markets remain very strong with the Dow yesterday breaking above the key 20,000 level. This is particularly bearish for gold, which has moved inversely to equities for the last year or so.
Support can be found at 1183, 1177, 1172, 1160, 1145, 1122, 1100, 1072 and 1045. The recent sell off and rejection of the long term down trend line is very bearish for gold and suggests a move towards the 2016 lows is likely.
Resistance can be found at 1191, 1195, 1200, 1208, 1220, 1230, 1262, 1280, 1300 and 1317. Gold needs to break the key resistance level at 1317 to give the bulls some momentum and long term control.
INTERMEDIATE TERM TREND BEARISH
SHORT TERM TREND NEUTRAL/BULLISH
VERY SHORT TERM TREND BEARISH
After plunging over $200 following the election of President Trump (yes that's a real thing!), gold has rebounded powerfully in 2017 in a very similar way to January 2016.
Since making a low at 1122 at the end of December, gold has move as high as 1220, breaking above 20 and 50 day Moving Averages, however we remain well below the longer term and closely watched 200 day Moving Average, currently at 1265.
Gold has since started a retracement of the January rally, falling for the past three days and currently trading around 1187 – below the key 1200 level and close to a 38.2% retracement of the 2017 rally.
Until gold can break the long term down trend line, last tested after the US election result and unbroken for 6 years, we remain bearish for gold in the intermediate and long term timeframes. This line is currently at 1317 and moving slowly lower.
Oil remains strong, having rebounded strongly from the 206 lows below $30 a barrel to trade well above $50 a barrel since the end of November 2016 and equity markets remain very strong with the Dow yesterday breaking above the key 20,000 level. This is particularly bearish for gold, which has moved inversely to equities for the last year or so.
Support can be found at 1183, 1177, 1172, 1160, 1145, 1122, 1100, 1072 and 1045. The recent sell off and rejection of the long term down trend line is very bearish for gold and suggests a move towards the 2016 lows is likely.
Resistance can be found at 1191, 1195, 1200, 1208, 1220, 1230, 1262, 1280, 1300 and 1317. Gold needs to break the key resistance level at 1317 to give the bulls some momentum and long term control.