LONG TERM TREND BEARISH
INTERMEDIATE TERM TREND BEARISH
SHORT TERM TREND BEARISH
VERY SHORT TERM TREND NEUTRAL
Gold has halted the recent decline and has been consolidating in a range between 1080 and 1105 for the past week or so, with the price direction quite volatile and trading opportunities limited. Gold is clearly attempting to form a base here for a rally back towards 1130-1040, however a break of recent lows near 1080 will suggest another sharp down leg is underway, with 1050 the first target and 1000 below that.
A general weakness in commodities, primarily driven by Chinese economic uncertainty, is helping to depress the gold price, with the Eurozone situation a lot calmer since Greece went to the edge of the abyss and peered over a few weeks back.
Equities remain weak as the uncertainty in China weighs on prices, whilst oil continues to tumble with the price now well below $50 a barrel and looking very weak.
Support can be found at 1080, 1074, 1045, 1000, 950, 867 and 806. The break of 1130 is very bearish for gold and suggest a return to 1000-1050 in the first instance.
Resistance can be found at 1103-1106, 1110, 1130, 1142, 1147, 1163, 1170, 1175, 1184, 1204, 1208-1210, 1215, 1220-1223, 1235 and 1252-1256. Gold has broken below the 2014 lows and looks be headed much lower.
Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.
INTERMEDIATE TERM TREND BEARISH
SHORT TERM TREND BEARISH
VERY SHORT TERM TREND NEUTRAL
Gold has halted the recent decline and has been consolidating in a range between 1080 and 1105 for the past week or so, with the price direction quite volatile and trading opportunities limited. Gold is clearly attempting to form a base here for a rally back towards 1130-1040, however a break of recent lows near 1080 will suggest another sharp down leg is underway, with 1050 the first target and 1000 below that.
A general weakness in commodities, primarily driven by Chinese economic uncertainty, is helping to depress the gold price, with the Eurozone situation a lot calmer since Greece went to the edge of the abyss and peered over a few weeks back.
Equities remain weak as the uncertainty in China weighs on prices, whilst oil continues to tumble with the price now well below $50 a barrel and looking very weak.
Support can be found at 1080, 1074, 1045, 1000, 950, 867 and 806. The break of 1130 is very bearish for gold and suggest a return to 1000-1050 in the first instance.
Resistance can be found at 1103-1106, 1110, 1130, 1142, 1147, 1163, 1170, 1175, 1184, 1204, 1208-1210, 1215, 1220-1223, 1235 and 1252-1256. Gold has broken below the 2014 lows and looks be headed much lower.
Today's video for subscribers looks at the recent trading in more detail and our strategy for today's trading session.