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Gold Market Update - 28th Oct

ByGoldTradingExperts.com
Published 10/28/2013, 09:42 AM
Updated 07/09/2023, 06:31 AM
GC
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Gold moved higher on Friday, breaking through $1350 and hitting a high of $1355 to cap off a strong week and increase the likelihood that the break out of the down trend channel is the start of a new rally leg. However, until the market can close above $1353, the bears will be hoping to resume the decline and take gold back below $1300.

In quiet trading, gold moved steadily higher for most of the day after finding support at $1336 and has now moved over $100 higher from the lows at $1250 in mid-October.

Although the market looks ready for a minor correction of sorts, a break above last week's highs will suggest a return to $1400 is on the cards, aided by a weak dollar. It is interesting to note that the recent rally has occured despite a strong US stock market that continues to make new highs on a weekly basis.

Support can be found at $1338-$1342, $1328-$1330, $1310, $1300-$1305, $129$1, $1277, $1260, $1250, $1207 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 as a minimum.

Resistance can be found at $1352-$1355, $1375, $1400 and $1434. A break above $1434 would suggest a major rally was unfolding with a target of $1525 as a minimum.

Today's video for subscribers looks at the recent trading in more detail and our thoughts for our next trade.

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