Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Gold Remains Under Pressure

ByGoldTradingExperts.com
Published 12/03/2013, 07:01 AM
Updated 07/09/2023, 06:31 AM
GC
-

Gold tumbled yesterday as the new month saw renewed selling in gold, possibly from shorts rolling over from the December contract into the February contract.

Crucially, the price broke below last week's low at $1225, making a low of $1217 before rebounding slightly. This morning, gold remains under pressure and is trading near yesterday's lows. Following the break of $1225, we expect a test of $1200-$1207 in the short term, with a test of $1180 a dec possibility.

The price is back inside the down trend channel and is falling despite near term dollar weakness - this is an ominous sign as any sustained dollar strength here will see gold plunging towards $1180. Equities remain strong and oil weak, it doesn't look good for gold.

Support can be found at $1220, $1217, $1200-$1207 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 $1225-$1227, $1230, $1235, $1250, $1260, $1270, $1277-$1280 and $1291-$1295. A break above $1295 would suggest an end to the down trend, though it would take a break of $1360 to confirm this was the case.

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.