After a strong February performance that has seen gold rise almost $100, the metal is consolidating recent gains and is currently trading around 1325, with the 200 hour MA providing support.
All of the moving averages are pointing upwards and gold is looking in good shape as we enter a strong seasonal period for the yellow metal, with further gains anticipated.
The dollar remains weak and is in danger of dropping through support at 80, oil is still well above $100 a barrel and equities are off all time highs. Economic news is still mixed and appears to be weaker than a couple of months ago, this uncertainty is also favourable for gold.
Support can be found at 1322, 1312-1315, 1307, 1295-1300, 1280, 1275, 1250-1255, 1237-1240, 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, though this is looking increasingly unlikely.
Resistance can be found at 1330-1332, 1340, 1350, 1360, 1377-1380, 1395-1400, 1420 and 1435. The breakout above 1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.
Today's video for subscribers looks at the recent trading in more detail and our
All of the moving averages are pointing upwards and gold is looking in good shape as we enter a strong seasonal period for the yellow metal, with further gains anticipated.
The dollar remains weak and is in danger of dropping through support at 80, oil is still well above $100 a barrel and equities are off all time highs. Economic news is still mixed and appears to be weaker than a couple of months ago, this uncertainty is also favourable for gold.
Support can be found at 1322, 1312-1315, 1307, 1295-1300, 1280, 1275, 1250-1255, 1237-1240, 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, though this is looking increasingly unlikely.
Resistance can be found at 1330-1332, 1340, 1350, 1360, 1377-1380, 1395-1400, 1420 and 1435. The breakout above 1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.
Today's video for subscribers looks at the recent trading in more detail and our
