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Gold Market Update: Outlook For 2015 Appears Weak

ByGoldTradingExperts.com
Published 12/30/2014, 10:37 AM
Updated 07/09/2023, 06:31 AM

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

As we mentioned in our previous blog,goldhas settled into a range oscillating around 1200 for the remainder of the year.

The outlook for 2015 appears weak for gold, with equities at all time highs, the dollar powering higher above 90 and at multi-year highs and oilcontinuing its precipitous fall that has been the talk of the last quarter of 2014.

We will be watching for a break below 1131 early next year to confirm our long term 1000 target, with the bulls needing to break 1245 to reverse the downtrend. Longer term, a slew of moving averages below 1300 will provide stiff resistance should gold break this initial target.

Support can be found at 1180-1183, 1175-1178, 1154, 1145-1147, 1131, 1124, 1100, 1085, 1045 and 1000 . Gold has bounced back and appears to be building a base to move higher after breaching the critical 1180 level, in what looks to be a classic "bear trap".

Resistance can be found at 1192, 1198, 1203, 1207, 1213, 1222-1223, 1235-1238, 1250, 1255, 1263, 1271-1273, 1290-1292, 1300-1302, 1310-1312, 1322-1325, 1333-1335 and 1345. A second failure to break through the key 65 week MA confirms that the intermediate down trend is intact however the recent trading suggests the bulls may be building a base for a rally.

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