UK Gold Trading Experts
  • Home
  • Trade Like a Pro
  • Gold Blog
  • Subscriber Resources
  • Legal Stuff
    • User Agreement
  • Contact Us

Gold Trading Update - 24th Apr

24/4/2013

0 Comments

 
Picture
Gold drifted lower for most of the day yesterday, making a low of 1404 in the New York session before finding support and moving higher.  The price has climbed steadily overnight, in line with other commodities, and is currently trading around 1425.

It is interesting to note that gold is currently trading more like a commodity than a "safe haven" asset, moving up and down in line with oil, equities and the industrial meta.

We maintain that the rally from the lows last week at 1322 is corrective in nature rather than impulsive, so can be viewed as a "dead cat bounce" rather than a strong bullish recovery.

Only a break above 1525 will change our view - the technical damage done last week by the massive plunge on phenomenally high volume cannot be overemphasised.  For the bullish case to remain alive, the market needs to rapidly bounce back above 1525, thereby confirming the spike down as a final washout low before the next leg of the bull market begins.

Whilst many online commentators have taken this stance, the strength and structure of the rebound so far does not suggest to us that this is the correct view to take.

Today's video for subscribers looks at the trading of the past week and our targets for this corrective rally.

0 Comments



Leave a Reply.

    Old Posts

    August 2021
    July 2021
    June 2021
    May 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    March 2019
    January 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    July 2016
    March 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011

UK Gold Trading Experts (UKGTE) is a trading name of Drupac Limited, a company registered in England and Wales (company number 09167819) whose registered office is 1 St. Paul's Square, Birmingham, B3 1QU.