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 Hit High Of $1262

ByGoldTradingExperts.com
Published 01/20/2014, 09:20 AM
Updated 07/09/2023, 06:31 AM
GC
-

Gold hit a high of $1262 overnight, touching the upper boundary of the down trend channel on the daily chart and finding resistance there as would be expected.

The price has drifted back to $1254 this morning in quiet trading due to the Martin Luther King holiday in the US, with equities flat, oil down a little and the dollar holding the key 81 level.

The environment remains challenging for gold, with the strong dollar capping the recent gold rally and the continued rally in equities drawing investment funds away from gold and commodities. The weak oil price signals a subdued inflationary environment and, with rising interest rates, gold is bound to find the going tough.

We suspect gold has made a high for this rally at $1262 and we anticipate a retest of $1$180 in the next few weeks.

Support can be found at $1250-$1255, $1237-$1240, $1220-$1225, $1218, $1214, $12$10, $1200, $1190, $1188 and $1180. A break of $1$180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 in the short term.

Resistance can be found at $1268-$1270, $1277-$1280 and $1291-$1295. A break above $1268 would suggest an end to the short term down trend, though it would take a break of $1300 to suggest a more significant rally was developing.

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.