UK Gold Trading Experts
  • Home
  • Our Products
    • Trade Like a Pro
    • FREE Trading Alerts
  • Gold Blog
  • Subscriber Resources
  • Legal Stuff
    • User Agreement
  • Contact Us
    • Affiliate Sign-up

Gold Market Update - 10th Jun

10/6/2013

0 Comments

 
Picture
Our suspicions regarding the dollar-driven break out of the triangle on Thursday were well founded, as gold drifted back towards 1400 during early trading on Friday.

The Non Farm Payrolls (NFP) number came in slightly above expectations at 175,000 - this was enough to see stocks rocket higher and gold sell off hard, falling as low as 1377 and closing near the lows of the day.

This meant that a bearish "shooting star" candlestick formed on the weekly chart and the consolidation triangle has now decisively been broken to the downside.

We expect a retest of 1338/1321 now as a minimum, though the action of the past few weeks suggests to us that these levels will not hold and we will shortly see new lows in gold.

It was interesting to note that the dollar did not surge higher following the NFP number and therefore gold's decline was not driven by movements in the dollar to any noticeable extent.

Oil surged higher with stocks on Friday, breaking out of the recent down trend and bringing a test of $98 back into view.

Today's video for subscribers looks at our recent trades in detail and our outline strategy for our next trade.

0 Comments



Leave a Reply.

    Picture

    More from Our Blog

    Picture
    7 Keys to Successful Online Trading
    Picture
    5 Financial Trading Mistakes to Avoid

    Old Posts

    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.