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Gold Market Update - 8th Jan

8/1/2013

2 Comments

 
Gold failed to follow through on Friday's bullish "hammer" candlestick yesterday, trading in a $20 range with the 200 DMA at 1662 providing resistance and 1642 providing support.

If we see follow through buying in the next session or two, this will go a long way to confirming the bottom at 1625 and the end of Wave C, however the price action this week has not been encouraging in this regard and, until 1662 is broken, the probability of further declines and a retest of 1625 remains high.

Sentiment for gold is overwhelmingly bearish at present, which could be viewed as a bullish contrarian indicator and the huge volume that accompanied the "hammer" candlestick on Friday is another bullish signal.  There is also bullish RSI divergence on the daily chart from the 21 December low.

As usual, we will wait for the charts to tell us the way forward - for our subscribers at www.goldtradingexperts.com, today's video confirms our strategy for our next trade.
2 Comments
Garry link
8/1/2013 11:26:12 pm

Thanks for shared your tips on invest on gold. Gold is the metal where we can get more profit than other metals. Yesterday I was thinking to subscribe on a site where I can get a latest information about the latest gold prices. But I found a very good site where i can get latest prices of the gold in the stock market and I can know when the prices of the goes up and goes down. I want to know from you that is it right time to buy shares on gold this time even the prices of the gold in the market goes down?

Reply
Commodity tips link
23/4/2013 10:36:40 pm

I think gold will also down from here.Nice blog.

Reply



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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.