Gold continued to trade in a narrow range yesterday between $1322 and $1306, these levels being the 50% and 38.2% retracements of the recent rally from $1250 to $1361.
The price action is suggestive of further declines and gold does not appear to be in the process of bottoming - a break of $1306 will likely see a sharp drop towards $1250.
The ECB rate announcement could move currencies today which will of course impact on gold, with further dollar strength pressuring gold and a Euro rally seeing gold rise.
Equities remain near to all time highs with little sign of a top forming, whilst oil remains weak, notwithstanding a sharp rebound from very oversold levels yesterday.
Support can be found at $1310, $1300-$1306, $1291, $1277, $1260, $1250, $1207 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 as a minimum.
Resistance can be found at $1320-$1322, $1328-$1330, $1338-$1342, $1352-$1355, $1360, $1375, $1400 and $1434. A break above $1434 would suggest a major rally was unfolding with a target of $1525 as a minimum.
Today's video for subscribers looks at the recent trading in more detail and our strategy for our current short position.
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Gold Trades In Narrow Range Between $1322 and $1306
Published 11/07/2013, 08:52 AM
Updated 07/09/2023, 06:31 AM
Gold Trades In Narrow Range Between $1322 and $1306
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