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Gold Market Update: Gold Found Support At $1308

ByGoldTradingExperts.com
Published 02/20/2014, 04:55 AM
Updated 07/09/2023, 06:31 AM
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Gold continued to retrace last week's powerful rally finding support at $1308, just above the 200 hour MA and at the upper boundary of the old uptrend channel that the price broke out of last week.

We expect the market to find support at the 200 hour MA around $1300 before rallying further, with the weak dolar and powerful rally in oil the catalysts. We must continue to monitor equities, as a renewed rally in stocks will put pressure on the gold price as funds flow away from commodities and back into equities.

Support can be found at $1315, $1295-$1300, $1284-$1286, $1280, $1270-$1275, $1266-$1268, $1250-$1255, $1237-$1240, $1220-$1225, $1210, $1200, $1$188-$1190 and $1180. A break of $1180 would have serious bearish implications for gold and suggest a decline to $1000-$1050 in the short term, though is looking increasingly unlikely.

Resistance can be found at $1340, $1326-$1330, $1350, $1360 and $1377-$1380. The breakout above $1300 suggests an end to the intermediate term down trend and that a significant rally is now developing.

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