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Gold On The Slide Again

ByGoldTradingExperts.com
Published 07/28/2014, 05:59 AM
Updated 07/09/2023, 06:31 AM

After short covering on Friday took Gold up as high as $1308, with traders concerned about the escalating conflict in Gaza looking to avoid holding short positions over the weekend, gold is on the slide again this morning.

The yellow metal is currently trading at $1303 and the short term downtrend is clear, with a well defined pattern of lower lows and lower highs. The dollar continues to move higher, trading well above 8$1, and equities remain near all time highs. Until we see a significant correction in equities, coupled with dollar weakness, we will not see a major rally in gold.

Traders will be eyeing the conflict in Gaza this week, though any movements in reaction to events will be short term and temporary.

Support can be found at $1299-$1301, $1292, $1285-$1287, $1263, $1257-$1260, $1250-$1252, $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 - a failure to break the 65 week MA would make this much more likely.

Resistance can be found at $1310, $1318-$1322, $1325-$1326, $1333-$1335, $1340-$1342, $1352-$1354, $1392-$1395, $1400, $1420 and $1435. We appear to be wtinessing a second failure to break through the key 65 week MA - this would suggest that the intermediate down trend is intact and a retest of $1240 and possibly $1180 is likely.

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