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Gold Market Update: Gold Found Buying Interest After NFP

ByGoldTradingExperts.com
Published 02/10/2014, 06:39 AM
Updated 07/09/2023, 06:31 AM
GC
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Gold found buying interest on Friday following the second Non-Farms Payroll data miss in consecutive months, with the dollar tumbling below the key 81 level and equities and oil surging higher.

The gold bulls are refusing to let their breakout falter and a move above $1280 would see them firmly back in control after a fierce batle for supremacy over the past couple of weeks, with every rally forced back down and every sell off met with buying interest.

A move higher from here would see the "flat bottomed triangle" resolve with an upside breakout, an unusual occurence, with a "double bottom" at $1180 confirmed on the charts.

Support can be found at $1250-$1255, $1237-$1240, $1220-$1225, $1210, $1200, $1188-$1190 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.

Resistance can be found at $1266-$1268, $1270-$1272, $1275-$1280 and $1291-$1295. Holding support at $1250 and a subsequent break above $1280 would suggest an end to the intermediate term down trend, though it would take a close above $1300 to confirm a more significant rally was developing.

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