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Gold Market Update: June 8th, 2015

ByGoldTradingExperts.com
Published 06/08/2015, 06:31 AM
Updated 07/09/2023, 06:31 AM

LONG TERM TREND BEARISH
INTERMEDIATE TERM TREND NEUTRAL
SHORT TERM TREND NEUTRAL/BEARISH
VERY SHORT TERM TREND BEARISH

Gold fell below support at 1170 on Friday following a stronger than expected Non Farms Payroll (NFP) number. The number of jobs created in the US was well above expectations, suggesting an interest rate hike is back on the agenda after a series of weak data releases put the timetable for rate rises in doubt.

Gold has made a series of lower lows within the broad recent trading range, and it remains likely that the next major move will be down rather than up – a break of 1130 would confirm this and target 1000 in the first instance.

The recent dollar weakness appears to have come to an end following a huge rise on Friday - we are mindful that a new dollar rally would most likely see a decline in gold.

Equities are correcting sharply in the face of interest rate rises; however, this weakness is expected to be short-lived. Oil is steadily moving higher after the sharp plunge to $44 a barrel and is now trading near to $60 a barrel.

Support can be found at 1162, 1142-1145, 1131, 1124, 1100, 1085, 1045, 1000, 950, 867 and 806. A break of 1131 would be very bearish for gold and suggest a return to 1000-1050 in the first instance.

Resistance can be found at 1177-1180, 1196, 1204, 1208-1210, 1215, 1220-1223, 1252-1256, 1274, 1285, 1297 and 1305-1308. After a promising move higher following the break of 1180 last year, gold has failed to break the intermediate down trend and is now heading lower again, with the 2014 lows in sight.

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