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 - 17th Sep

17/9/2014

0 Comments

 
LONG TERM TREND:                  BEARISH
INTERMEDIATE TERM TREND: NEUTRAL/BEARISH
SHORT TERM TREND:               BEARISH
VERY SHORT TERM TREND:    BEARISH

Gold jumped yesterday on news that the Chinese were introducing Quanititatie Easing, of sorts, however the "knee jerk" response that saw all commodities and equities move higher was shortlived, at least in gold's case.

The market remains in bearish mode, with the sharp sell off since the break down out of the triangle pattern taking the price below 1240, a level that is now acting as resistance in the short term.  Since making a low at 1225, gold has moved hesitantly higher, with long tails on top of the candlesticks on the daily chart suggesting that any rallies are being seen as opportunities to sell and lighten positions.

This does not bode well for the yellow metal and we expect a resumption of the decline once the oversold RSI position has unwound, with 1180 the next target for the bears.

Today sees the FOMC interest rate decision from the US - whilst no change is expected this month, traders will be watching the statement closesly for clues as to when the Fed expects to begin raising rates.

Thursday sees the Scottish independence referendum, with the real possibility of a Yes vote sending jitters through the currency markets.

Support can be found at 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 - the failure to break the 65 week MA and the break down of the triangle pattern on the daily chart has make this scenario much more likely.

Resistance can be found at 1240, 1257-1258, 1263, 1271-1273, 1277, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335, 1340-1342, 1352-1354, 1392-1395, 1400, 1420 and 1435.  A second failure to break through the key 65 week MA suggests that the intermediate down trend is intact and a retest of 1180 is now likely.

Today's video for subscribers looks at the recent trading in more detail and our 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

    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.