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Gold Traded In Narrow Range With US Markets Closed For Holiday

ByGoldTradingExperts.com
Published 01/21/2014, 04:14 AM
Updated 07/09/2023, 06:31 AM
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Gold traded in a narrow range yesterday with US markets closed for the Martin Luther King Day holiday, backing off from the overnight high of $1262 and testing $1250 on the downside.

This morning, gold is close to unchanged, though with a slight downward bias, under pressure from upbeat equities and a stronger dollar.

Although gold has made a spirited start to 2014, the trading environment is bearish for the yellow metal as long as equities remain in bullish mode and the dollar rallies. The fact that oil, the most widely traded and important commodity on the planet, is trading near $93 a barrel suggests that inflation concerns are negligible - with rising interest rates, this makes the task for the gold bulls even more difficult.

Support can be found at $1250-$1255, $1237-$1240, $1220-$1225, $1218, $1214, $1210, $1200, $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 $1268-$1270, $1277-$1280 and $1291-$1295. A break above $1268 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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