Gold made a new low for the current decline yesterday in quiet trading, falling as low as 1215 before finding some mild support, with a surging oil price helping the price. This morning, gold continues to trade with a downwards bias, making a new low overnight at 1212 and looking likely to test 1180-1200 this week.
Silver continues to lead the way down, with the price of silver falling below $19 for the first time since July. The precious metals are falling steadily whilst the dollar is also struggling - this is ominous and suggests a sharp fall is likely once the dollar starts to rally.
Equities remain near all time highs, though are pausing for breath after a strong rally, whilst oil has finally found some buying from a very oversold position. There is a slew of economic data due out over the next few days which could influence the markets, with particular attention being paid to the employment data.
Support can be found at 1212, 1200-1207 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 1225-1227, 1230, 1235, 1250, 1260, 1270, 1277-1280 and 1291-1295. A break above 1295 would suggest an end to the down trend, though it would take a break of 1360 to confirm this was the case.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our current short trade.
Silver continues to lead the way down, with the price of silver falling below $19 for the first time since July. The precious metals are falling steadily whilst the dollar is also struggling - this is ominous and suggests a sharp fall is likely once the dollar starts to rally.
Equities remain near all time highs, though are pausing for breath after a strong rally, whilst oil has finally found some buying from a very oversold position. There is a slew of economic data due out over the next few days which could influence the markets, with particular attention being paid to the employment data.
Support can be found at 1212, 1200-1207 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 1225-1227, 1230, 1235, 1250, 1260, 1270, 1277-1280 and 1291-1295. A break above 1295 would suggest an end to the down trend, though it would take a break of 1360 to confirm this was the case.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our current short trade.