Gold sold off from the overnight open yesterday, falling as far as support at 1440 before bouncing and recovering to 1455. The market has potentially made a "double bottom" at 1440, though the price action looks weak and further declines below 1440 would suggest a more significant correction is unfolding.
The market has been rangebound for over a week between 1440 and 1485, a break out of this range should produce a strong tradeable move. The market is clinging to the 20 DMA and needs to move higher and clear of this to give the bulls renewed momentum.
Oil has potentially formed a top at $97.14 and we are watching for confirmation of this which would be bearish for gold. Equities are breaking out above major resistance and could see a big rally here, again this would be bearish for gold.
Today's video for subscribers looks at the recent action in more detail and our strategy for our next trade.
The market has been rangebound for over a week between 1440 and 1485, a break out of this range should produce a strong tradeable move. The market is clinging to the 20 DMA and needs to move higher and clear of this to give the bulls renewed momentum.
Oil has potentially formed a top at $97.14 and we are watching for confirmation of this which would be bearish for gold. Equities are breaking out above major resistance and could see a big rally here, again this would be bearish for gold.
Today's video for subscribers looks at the recent action in more detail and our strategy for our next trade.