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Gold Trading Update: Gold Fell Steadily

ByGoldTradingExperts.com
Published 11/19/2013, 06:43 AM
Updated 07/09/2023, 06:31 AM
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Gold fell steadily yesterday, failing to build on last week's "hammer" candlestick and dropping back to test the lower boundary of the large consolidation triangle once more. A close around these levels will invalidate the "hammer" as a bullish signal and suggest a downside break of the triangle could come sooner than we thought.

A break of $1260 would confirm to us that the next down leg was beginning, though we will be keeping an eye on the dollar, which has failed to hold the 81 level and is currently trading around 80.75. Ideally, we would like to see a break of the triangle in gold correspond with a resumption of the dollar rally above 81.

Oil remains weak, trading near $93 a barrel and equities continue to move higher, with the S&P breaking $1800 briefly yesterday. Silver has already broken below its 15 October low and looks to be leading gold lower, with a retest of 18 on the cards.

Support can be found at $1270, $1260, $1250, $1207 and $1180. A break of $1$180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 as a minimum.

Resistance can be found at $1277-$1280, $1291, $1295, $1300, $1310, $1320-$1322, $1328-$1330, $1338-$1342, $1352-$1355 and $1360. A break above $1338-$1340 would suggest a new bull trend was underway, though it would take a break of $1434 to confirm this was the case, with a target of $1525 as a minimum.

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