LONG TERM TREND: BEARISH
INTERMEDIATE TERM TREND: BEARISH
SHORT TERM TREND: BEARISH
VERY SHORT TERM TREND: BEARISH
After crashing through 1180 on Friday, gold has consolidated near lows this week, however this morning the selling has resumed and gold is currently trading below 1150.
This move suggests that the break below 1180 is a valid breakdown and we can expect much lower prices in the next few weeks - our intial target is 1050 though we could easily see 1000 in short order.
Equities and the dollar are surging higher whilst oil collapses towards $75 - a perfect storm for lower gold prices.
Support can be found at 1145, 1124, 1100, 1085, 1045 and 1000 . The break of 1180 has serious bearish implications for gold and suggests a decline to 1000-1050 in the short term.
Resistance can be found at 1175, 1180, 1200, 1217, 1225, 1232, 1235, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A second failure to break through the key 65 week MA confirms that the intermediate down trend is intact and the break of 1180 suggests the bears are in full control.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our current trade.
INTERMEDIATE TERM TREND: BEARISH
SHORT TERM TREND: BEARISH
VERY SHORT TERM TREND: BEARISH
After crashing through 1180 on Friday, gold has consolidated near lows this week, however this morning the selling has resumed and gold is currently trading below 1150.
This move suggests that the break below 1180 is a valid breakdown and we can expect much lower prices in the next few weeks - our intial target is 1050 though we could easily see 1000 in short order.
Equities and the dollar are surging higher whilst oil collapses towards $75 - a perfect storm for lower gold prices.
Support can be found at 1145, 1124, 1100, 1085, 1045 and 1000 . The break of 1180 has serious bearish implications for gold and suggests a decline to 1000-1050 in the short term.
Resistance can be found at 1175, 1180, 1200, 1217, 1225, 1232, 1235, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A second failure to break through the key 65 week MA confirms that the intermediate down trend is intact and the break of 1180 suggests the bears are in full control.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our current trade.