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Gold Made New Lows

ByGoldTradingExperts.com
Published 12/04/2013, 05:15 AM
Updated 07/09/2023, 06:31 AM
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Gold made a new low for the current decline yesterday in quiet trading, falling as low as $1215 before finding some mild support, with a surging oil price helping the price. This morning, gold continues to trade with a downwards bias, making a new low overnight at $1212 and looking likely to test $1180-$1200 this week.

Silver continues to lead the way down, with the price of silver falling below $19 for the first time since July. The precious metals are falling steadily whilst the dollar is also struggling - this is ominous and suggests a sharp fall is likely once the dollar starts to rally.

Equities remain near all time highs, though are pausing for breath after a strong rally, whilst oil has finally found some buying from a very oversold position. There is a slew of economic data due out over the next few days which could influence the markets, with particular attention being paid to the employment data.

Support can be found at $1212, $1200-$1207 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 in the short term.

Resistance can be found at $1225-$1227, $1230, $1235, $1250, $1260, $1270, $1277-$1280 and $1291-$1295. A break above $1295 would suggest an end to the down trend, though it would take a break of $1360 to confirm this was the case.

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