Gold found buying support yesterday after gapping down at the Sunday night open, however the rally ran out of steam at $1304 and the price has retreated back to the $100 DMA at $1290 this morning.
The price remains bound in a narrow range between the 50 DMA at the top, currently at $1313, and the $100 DMA at the bottom, currently at $1290.
The Elliot Wave picture is still unclear, with the narrowing range suggesting a "triangle" pattern is forming - this is rather unusual in the position it is forming.
The S&P hit all time highs yesterday, breaking through stubborn resistance at $1885-$1895 which should now see a continuation of the rally. The dollar is trading around 80 after rallying sharply last week from key support at 79.
Support can be found at $1285-$1287, $1277, $1273, $1267, $1250-$1255, $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, though this now looks unlikely unless we break below $1250.
Resistance can be found at $1296-$1298, $1304-$1307, $1314-$1315, $1319-$1322, $1330-$1332, $1340-$1342, $1352-$1354, $1392-$1395, $1400, $1420 and $1435. The impulsive breakout above the first down trend line on the weekly chart suggests an end to the intermediate term down trend, however the 65 week MA must be broken before a significant rally can develop.
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Gold Market Update: Gold Retreated Back To $1290
Published 05/13/2014, 04:48 AM
Updated 07/09/2023, 06:31 AM
Gold Market Update: Gold Retreated Back To $1290
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