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Gold Market Update: Gold In Good Shape

ByGoldTradingExperts.com
Published 02/28/2014, 06:00 AM
Updated 07/09/2023, 06:31 AM
GC
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After a strong February performance that has seen gold rise almost $100, the metal is consolidating recent gains and is currently trading around $1325, with the 200 hour MA providing support.

All of the moving averages are pointing upwards and gold is looking in good shape as we enter a strong seasonal period for the yellow metal, with further gains anticipated.

The dollar remains weak and is in danger of dropping through support at 80, oil is still well above $$100 a barrel and equities are off all time highs. Economic news is still mixed and appears to be weaker than a couple of months ago, this uncertainty is also favourable for gold.

Support can be found at $1322, $1312-$1315, $1307, $1295-$1300, $1280, $1275, $1250-$1255, $1237-$1240, $1220-$1225, $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, though this is looking increasingly unlikely.

Resistance can be found at $1330-$1332, $1340, $1350, $1360, $1377-$1380, $1395-$1400, $1420 and $1435. The breakout above $1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.

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