After a powerful rally that took the gold price as high as $1340, profit taking saw the price drop as low as support at $1312 yesterday. Gold appears to be tracing out an ABC correction from the highs, though we suspect the recent rally is the start of a significant move higher in the yellow metal.
The price is now above all major moving averages and has decisively broken out of the intermediate term down trend channel, with the breach of the 200 DMA a key signal for the bulls.
The dollar remains under pressure, falling below 80 in trading today, whilst oil is surging higher and equities remain well off the recent highs.
Support can be found at $1315, $1295-$1300, $1284-$1286, $1280, $1270-$1275, $1266-$1268, $1250-$1255, $1237-$1240, $1220-$1225, $12$10, $1200, $1188-$1$190 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 is looking increasingly unlikely.
Resistance can be found at $1340, $1326-$1330, $1350, $1360 and $1377-$1380. The breakout above $1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.
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Gold Market Update: Price Dropped To $1312
Published 02/19/2014, 05:23 AM
Updated 07/09/2023, 06:31 AM
Gold Market Update: Price Dropped To $1312
Latest comments
What an increasingly LAME updates you guys are providing; so basically, everyday you stick your finger out the window to see which way the wind blows, then you become bear or switch to bull and back, sometimes talking from BOTH SIDES OF YOUR MOUTHS.. Crappy analysis and NO INTEGRITY.
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