Equities rebounded strongly yesterday, pressuring gold whilst oil tumbled, however ignoring the "noise" of the Ukranian situation, the trend in gold is unmistakenly up. The dollar remains weak near 80 though equities appear to have finished their correction and are looking likely to progress further.
Support can be found at 1330-1332, 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 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 and our strategy for our next trade.