Gold fell yesterday, making a lower high before closing below the lows of the previous day in what could be a reversal top. The high of the day was $1360, with the closing price of $1345 near to the lows of the day.
All eyers are on the October FOMC meeting, with almost nobody now expecting QE tapering in 2013, with the consensus now shifting to a March taper.
With equities moving higher and the dollar finding solid buying interest after touching major support last week below 79, gold was under pressure for most of the day. Today may be quiet in advance of the FOMC statement at 6pm UK time - we do not expect there to be any great market moving news, though any suggestion that tapering may yet happen this year will be seen as bearish for gold.
Support can be found at $1338-$1342, $1328-$1330, $13$10, $1300-$1305, $1291, $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.
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Gold Market Update: October 30, 2013
Published 10/30/2013, 07:13 AM
Updated 07/09/2023, 06:31 AM
Gold Market Update: October 30, 2013
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