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Gold Trading Update: Gold Trading Quietly

ByGoldTradingExperts.com
Published 04/24/2014, 12:21 AM
Updated 07/09/2023, 06:31 AM

Today Gold has traded quietly within a $9 range as trading volumes are low and news is scarce.

Yesterday saw the yellow metal briefly drop below the previous low of the recent slide at $1277 to $1275 before the bulls fought back to recover the lost ground, pushing price back up to close at $1284 to form a “hammer” candlestick on the daily chart. This follows the “doji” or “spinning-top” the previous day, which could signify a bottom is in at $1275 and now we should be looking to higher prices again.

The key determining factor in this will be either a close above $1295 or below $1275 – the former will see prices rise back to around $1330 initially, with resistance at $1300 and $1320.


Gold Trading Update 23rd April 2014:
Should $1330 be breached we expect to see prices to climb back toward $1400, with resistance at $1350-55 and $1395-$1400.

A close below $1275 will see price fall quickly to $1260, $1240 and $1220, then maybe back to $1180 if $1200 gives way.

Our current assessment is that a move north looks more likely – yesterday’s very minor breach of the previous low with a quick recovery gives a good indication that the bulls are building a base here from which an assault back toward $1400 can be attempted.

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