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

Gold Market Update - 21st May

21/5/2013

0 Comments

 
Picture
After plunging to lows of 1338 in overnight trading on Sunday, gold recovered a little during the London session before thrusting $40 higher without warning or obvious catalyst in the afternoon session, touching 1400 briefly before backing off.

Gold held onto the gains overnight and is currently trading around 1390.  The action yesterday formed a "bullish engulfing" candlestick on the daily chart, a reliable and powerful reversal pattern.

This suggests a short term bottom may be in and we are likely to see a rally of some sort over the next few sessions.  If, and its a big if, gold can move significantly higher from here and break above 1487, a "double bottom" would be confirmed with the 15 April low - however, the market is a long way from there and for now we maintain our overall bearish stance with further price declines expected.

Oil has moved back up to the resistance area around $97-98 - a move above here would suggest a rally to well over $100 a barrel.  However, another failure to break this resistance area would see prices tumble back towards the bottom of the current range at $92-93.

The dollar is consolidating at the key 84 level and has so far failed to break decisively above it - whether it does will influence the future direction of gold to a large extent.

Today's video for subscribers looks at the impact of yesterday's price surge in more detail and our strategy for our next trade.

0 Comments



Leave a Reply.

    More from Our Blog

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

    Old Posts

    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.