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Gold Market Update: Gold Struggling To Make Headway

ByGoldTradingExperts.com
Published 02/07/2014, 05:44 AM
Updated 07/09/2023, 06:31 AM
GC
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In another quiet day of trading, gold oscillated around the 20 DMA, with the 200 hour MA providing support as the bulls and bears battle it out for the upper hand. Gold moved in a narrow range, hitting a high at $1267 and a low of $1253 for the day.

Today sees the Non-Farms Payroll data released and, after a slew of weak economic data and last months' huge downside miss, traders will be eagerly watching the release for confirmation of the direction of employment levels and whether the December number was a one-off weather related dip.

With equities weak gold remains supported, however the dollar is holding the 81 level and gold is struggling to make any further headway following January's strong rally.

Support can be found at $1250-$1255, $1237-$1240, $1220-$1225, $1210, $1200, $1188-$1190 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 $1266-$1268, $1270-$1272, $1275-$1280 and $1291-$1295. Holding support at $1250 and a subsequent break above $1280 would suggest an end to the intermediate term down trend, though it would take a close above $1300 to confirm a more significant rally was developing.

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