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 - 20th Sept

20/9/2013

0 Comments

 
Trade Gold Online Trader
Gold failed to break resistance at 1375 yesterday and is selling off this morning, with the chart pattern starting to look remarkably similar to the price action that followed the Non Farms Payroll (NFP) jobs report on 6 September.

In that scenario, gold jumped higher immediately following the data release, only to stall a day later and retrace the entire move with two trading sessions.

If this pattern is to be repeated, gold will retrace the FOMC "pop" entirely over the next few trading sessions, however a break above 1375 will invalidate this and suggest a move to 1435 in the short term.

As we commented in yesterday's blog, we still consider the down side to be the path of least resistance for gold with rising interest rates, low inflation and rising equities reducing demand for gold.  Add in the drastically reduced physical demand from India due to government restrictions and winding down of tensions in the Middle East and it is easy to make a case for gold falling back towards 1180.

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

    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.