Gold resumed the move upwards yesterday, surging above 1350 on the back of a tumbling dollar that fell 0.63% to 79.50. The 200 hour MA again provided a reliable level of support and the series of higher highs and higher lows continues, as gold ralleis in a classic uptrend channel.
Equities are rallying hard again and approaching all time highs, however this time gold is rallying with stocks and the dollar is falling rather than gold declining and the dollar moving in line with the stock market.
Gold looks set for another solid weekly gain and a close above the next resistance level at 1361 would be very encouraging for further gains next week.
Support can be found at 1340, 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 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 daily video for subscribers looks at the recent trading in mroe detail and our thoughts for our next trade.
Equities are rallying hard again and approaching all time highs, however this time gold is rallying with stocks and the dollar is falling rather than gold declining and the dollar moving in line with the stock market.
Gold looks set for another solid weekly gain and a close above the next resistance level at 1361 would be very encouraging for further gains next week.
Support can be found at 1340, 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 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 daily video for subscribers looks at the recent trading in mroe detail and our thoughts for our next trade.