Gold climbed steadily yesterday, hitting a high of $1338 and has continued to exhibit strength this morning. However, we note that options expiry for the October contract yesterday is likely to be influencing the price.
We may therefore see some erratic moves in gold over the next few days before the real"trend emerges, though it should be noted that gold is now trading above its 200-hour moving average for the first time this week.
Resistance around $1340 will prove tricky for gold to overcome. However, a break of this level should see the price rise back towards the upper boundary of the down trend channel at $1358, and a break of this area will see a retest of $1375 and potentially $1435.
Support can be found at $1329, $1322, $1316, and $1307. Below this $1300, $1292 and $1272 come into play with a break of $1272 suggestive of a return to $1180.
Equities remain in a strong bull trend and we expect further gains in stocks for the rest of #2013. Oil continues to show weakness which is not helping gold, whilst the weak dollar is providing some support for gold on dips.
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Gold Market Update: September, 26 2013
Published 09/26/2013, 06:18 AM
Updated 07/09/2023, 06:31 AM
Gold Market Update: September, 26 2013
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