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

Gold Market Update - 29th May

29/5/2013

0 Comments

 
Picture
With options expiry yesterday, gold moved erratically, falling as low as 1374 before shooting higher, touching 1402 and dropping back to end the COMEX session around 1380.

This meant that the 1400 calls, the 1375 puts and the 1350 puts all expired worthless, a job well done for the option writers.

Now that options expiry is out of the way, we should see the next trending move begin - we consider a move to the downside to be the more likely scenario.

The rally since the 19 May low has been meandering, choppy and overlapping and is clearly a corrective wave - compare the price action to the impulsive thrust down from 1488 to 1338 the previous week and this becomes clear.

ETF redemptions continue to pressure the price, with physical demand out of Asia countering this supply.  However, it remains to be seen for how long this outflow from ETFs can continue without having a serious impact on the price of gold.

The dollar is back above 84 and attempting to hold this key level - a decisive break will see the dollar move much higher, with 88 the first target.

Oil continues to move lower in a volatile range, though yesterday surged higher, making a "lower high" at $96 on the daily chart.

We have been saying for many months that the next rally in gold will not start until equities correct meaningfully -  the two "shooting star" candlesticks on the S&P daily chart need to be watched as they could be an early warning sign that a top is forming.

Today's video for subscribers looks at yesterday's action in more detail and the impact of options expiry on prices.



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.