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Gold Market Update - 8th May

8/5/2013

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Picture
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.

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