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 - 26th Sept

26/9/2014

0 Comments

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

Gold fell as low as 1207 in the early hours of Thursday before rebounding, forming a "double bottom" and a "hammer" reversal on the daily chart.  This morning, gold is building on yesterday's gains and a short term bottom appears to be forming.

However, the down trend is still firmly in place and we expect the selling to resume after a short rally.  The dollar rally has taken the index well above 85, though ysterday's "shooting star" candlestick suggests a retracement is likely in the short term.

Equities fell sharply yesterday. giving gold a boost though the long term uptrend remains intact.

Support can be found at 1208-1210, 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 1231, 1235, 1242, 1257-1258, 1263, 1271-1273, 1277, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335, 1340-1342, 1352-1354 and 1392-1395.  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

    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.