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Gold Market Update: Support At $1310

ByGoldTradingExperts.com
Published 07/07/2014, 06:58 AM
Updated 07/09/2023, 06:31 AM

After forming what appeared to be a top on Tuesday at $1333 and a quiet day of trading on Thursday due to the 4th July holiday in the US, Gold has declined this morning and is trading around $1313 - this level also corresponds to the crucial 65 week MA which gold must break to kick start a new bull leg.

There is support at $1310 and $1306, a break of which will see gold fall sharply towards $1290 as the next target. Gold is now back below both the 80 and 200 hour MAs, levels that are now acting as resistance, signifying that on the short term timeframe, the bears are fully back in control.

Equities remain at all time highs and the upward momentum continues, whilst the dollar is recovering after bouncing off support at 80 to currently trade at 80.30. Oil has declined markedly as the troubles in the Middle East and Ukraine have receded, for now at least.

Support can be found at $1318-$1322, $1310, $1306, $1300, $1289, $1285, $1263, $1257-$1260, $1250-$1252, $1237-$1240, $1220-$1225, $1210, $1200 and $1180. A break of $1$180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 in the short term - the break below $1250 seems to have been invalidated, indicating that a return to $1180 is now less likely.

Resistance can be found at $1325-$1326, $1330-$1333, $1340-$1342, $1352-$1354, $1392-$1395, $1400, $1420 and $1435. We are now attempting to break the key 65 week MA - a break of this level would suggest that the intermediate down trend was at an end and higher prices are ahead.

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