Gold made further gains yesterday, making a new high of 1324 in early UK trading. This morning, gold has retreated to retest the 80 hour MA again as the rally progresses in orderly fashion. The 80-hour MA has provided reliable support on the short term charts during this rally.
Equities tumbled yesterday and the first signs of a top being formed are appearing in stocks -- further weakness would be positive for gold, traders will be watching the 100 DMA in the S&P 500 to provide support.
The dollar remains well below 80. currently trading around 79.50. A break of the March lows at 79.25 would be very bearish and again positive for gold.
Support can be found at 1314, 1307, 1304, 1298-1300, 1294, 1277-1280, 1250-1255, 1237-1240, 1220-1225, 1210, 1200 and 1180. A break of 1180 would have serious bearish implications for gold and suggest a decline to 1000-1050 in the short term, though this now looks unlikely unless we break below 1250.
Resistance can be found at 1321-1324, 1330-1332, 1340-1342, 1352-1354, 1392-1395, 1400, 1420 and 1435. The impulsive breakout above the down trend line on the weekly chart suggests an end to the intermediate term down trend and that a significant rally is now developing.
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Friday’s Gold-Market Outlook
Published 04/11/2014, 07:25 AM
Updated 07/09/2023, 06:31 AM
Friday’s Gold-Market Outlook
Latest comments
"Equities tumbled yesterday and the first signs of a top being formed are appearing in stocks -- further weakness would be positive for gold, " ..........WRONG! In 2008 gold and stocks PLUMMETED TOGETHER! Go look at history before you write these superficial stuff disguised as analysis.
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