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Gold Market Update: Gold Under Pressure Again

ByGoldTradingExperts.com
Published 12/23/2013, 06:47 AM
Updated 07/09/2023, 06:31 AM
GC
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Gold bounced off support on Friday to close the week above $1200, though with a big red candle on the weekly chart. A bounce off this level was not surprising, however we expect any rally to be shortlived and a retest of $1180 to be just around the corner.

This morning, gold is under pressure again after failing to hold $1200, though trading volumes are light ahead of the Christmas holiday.

Equities look to be finishing a stellar year with further strength and oil has also shot higher in the last couple of weeks, though gold remains weak and unloved.

All eyes are on the $1180 level, this is surely the bulls last stand and the bears will want to push home their advantage and go in the for the knockout.

Support can be found at $1190, $1188 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 $1200, $1210, $1220-$1225, $1237-$1240, $1245, $1250-$1255, $1268-$1270, $1277-$1280 and $1291-$1295. A break above $1250 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.

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