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 - 7th Feb

7/2/2013

0 Comments

 
In a quiet day of trading yesterday, gold continued to oscillate within the triangle consolidation.  The upper boundary now stands at 1690 and the lower boundary is at 1666.

The range continues to narrow as the triangle moves towards its apex, coiling and building momentum for the next big move.  A break out of the triangle, either up or down, should see a strong trend emerge.

The dollar remains weak, unable to sustain a rally to 80 or higher.  A break of 79 portends much lower prices ahead.  Oil remains strong, though is currently correcting the powerful rally up to $98 a barrel.  The strength in oil has not yet been reflected in gold, though we expect it soon will be.

Other online commentators appear to be split between bearish and bullish at present, reflecting the finely balanced market and battle for supremacy within the triangle.

The ECB rate decision and jobless claims data from the US could move the markets today.

Today's video looks at the triangle consolidation in more detail, as well as the "big picture" and our thoughts on why we think the next move will be up.
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.