Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Gold Market Update: Gold Dropped To $1240

ByGoldTradingExperts.com
Published 11/27/2013, 06:48 AM
Updated 07/09/2023, 06:31 AM
GC
-

Gold moved back to the upper boundary of the down trend channel early yesterday before dropping back to $1240 during the afternoon session. This morning, gold has moved back to the top of the channel and is attempting to break through, although there is significant resistance overhead, initially at the 200 hour MA.

It may be that gold is moving up to "back test" the break down out of the triangle pattern - if this is the case, gold could move as high as $1280 before dropping sharply to new lows.

Oil remains very weak and is suggesting a total lack of inflationary concerns, whilst the dollar is weaker this morning having failed to hold 81 last week.

Equities remain at or near all time highs, with no signs of momentum waning or a topping process - we continue to assert that no meaningful rally will occur in gold unless or until stocks correct significantly.

Support can be found at $1250, $1238-$1242, $1225, $1220, $1238, $1250, $1207-$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.

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

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.