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Gold Market Update: Gold Moved Higher

ByGoldTradingExperts.com
Published 02/18/2014, 04:34 AM
Updated 07/09/2023, 06:31 AM
GC
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Gold moved higher yesterday, despite quiet trading due to the Presidents Day holiday in he US, building on last week's impressive gains.

The price hit a high of $1340 before retreating and this morning is seeing further selling as participants lock in profits from last week. Gold is now above the key 200 DMA for the first time in a year and all other major moving averages are pointing upwards, suggesting this is the beginning of a new rally phase in gold.

Equities and the dollar remain and weak, whilst the surge in oil has revivied inflation concerns somewhat - a perfect storm for gold to move higher.

The character of the recent rally suggests further gains, as the upleg has been impulsive in nature - we expect higher prices after a brief correction.

Support can be found at $1315, $1295-$1300, $1284-$1286, $1280, $1270-$1275, $1266-$1268, $1250-$1255, $1237-$1240, $1220-$1225, $1210, $1200, $1188-$1190 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 is looking increasingly unlikely.

Resistance can be found at $1340, $1326-$1330, $1350, $1360 and $1377-$1380. 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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