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 - 23rd Sept

23/9/2013

0 Comments

 
Trade Gold Online Trader
As we pointed out in our commentary on Friday, we expected the market to reverse the "knee jerk" reaction following the FOMC minutes on Wednesday evening.

This is exactly what happened, with gold selling off sharply all day on Friday, closing at the lows of the day near 1325.  Overnight and this morning the selling has continued, with gold making a low of 1313 before finding trend line support and bouncing back above 1325 to currently trade at 1327.

We expect a complete retrace this week and are looking for gold to retest 1300 as a minimum, with 1272 a distinct possibility and a break of this level suggesting a return to 1180.

Equities remain very strong which is a major factor for gold's weakness.  We have maintained for many months that a significant rally in gold will not occur unless we get a meaningful correction in equities - this does not look likely at present.

Even more worrying for the bulls is the weakness in dollar at the moment, however gold is unable to capitalise on this at all - a warning sign of the underlying weakness in gold.

Today's video for subscribers looks at Friday's action in more detail and our strategy for our current 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.