After rising steadily throughout Friday's trading session, gold surged at the open last night, hitting a high of $1353 at the upper boundary of the down trend channel before quickly retreating back to $1340.
The 20 and 50 DMAs are providing resistance around $1350, and are pointing back down again, with the 20 DMA about to cross over the 50 DMA, a bearish signal.
We expect gold to drift lower this week within the down trend channel, with support likely to come in at $1322, $1306, $$1292 and $1272. A break below key support at $1272 will suggest a swift return to $1180.
The moving averages mentioned above and the upper boundary of the down trend channel around $1350 will provide initial resistance, with $1375, $1400, and $1434 the next levels of resistance. A break of key resistance at $1434 will suggest a return to $1480-$1500.
Equities are down again this morning as the S&P 500 continues its mild correction. Oil is also down sharply and looks to be set to retest $100 a barrel, whilst the dollar remains weak just above 80.
In this environment, it is not surprising to see some strngth in gold, though the rallies are being seen as selling opportunities and a resumption in the equity rally and/or dollar rally will see gold fall sharply.
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Gold Market Update: September, 30 2013
Published 09/30/2013, 06:40 AM
Updated 07/09/2023, 06:31 AM
Gold Market Update: September, 30 2013
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