Gold surged higher yesterday on news of the conflict in Ukraine, with oil jumping above $104 a barrel and equities plunging. However, as the urgency of the situation receded, gold sold off and is currently trading around 1336.
Gold has formed a new uptrend channel and the 200 hour MA is providing support around 1332. The dollar is trading back below 80, which is supportive for gold and equities remain well off all time highs.
We anticipate further gains in gold in the next few weeks, as we believe a major new uptrend is beginning.
Support can be found at 1330-1332, 1322, 1312-1315, 1307, 1295-1300, 1280, 1275, 1250-1255, 1237-1240, 1220-1225, 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, though this is looking increasingly unlikely.
Resistance can be found at 1340, 1350, 1360, 1377-1380, 1395-1400, 1420 and 1435. The breakout above 1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.
Today's video for subscribers looks at the recent trading in more detail and our targets for the next rally leg.
Gold has formed a new uptrend channel and the 200 hour MA is providing support around 1332. The dollar is trading back below 80, which is supportive for gold and equities remain well off all time highs.
We anticipate further gains in gold in the next few weeks, as we believe a major new uptrend is beginning.
Support can be found at 1330-1332, 1322, 1312-1315, 1307, 1295-1300, 1280, 1275, 1250-1255, 1237-1240, 1220-1225, 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, though this is looking increasingly unlikely.
Resistance can be found at 1340, 1350, 1360, 1377-1380, 1395-1400, 1420 and 1435. The breakout above 1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.
Today's video for subscribers looks at the recent trading in more detail and our targets for the next rally leg.