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Spot Gold:

ByCarol Harmer
Published 09/02/2013, 06:26 AM
Updated 07/09/2023, 06:32 AM
GC
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Gold followed on from Friday's low close, breaking trendline at 1392 and more importantly the 50% Med Term Fib at 1398. Now this 1398 has been the overnight high and really to get some more momentum going for the buyers we must see a break and close above.

However, the technical indicators are bearish and failure to break 1398 puts Gold under further pressure and we should see the overnight lows of 1373 re-visited. We do have support here, which is why we have held this point but the market does look weaker below 1398 and it looks likely to come lower to the 30% med term fib located at 1346. Now we do not expect this to happen overnight, although Gold does have a way of switching when you least expect it, but be aware that if we lose 1372 the market will take this as a weak signal and sellers will be jubilantly swatting the buyers aside like flies. 1364/60 may well hold initially, but this 1346 area looks too good to be missed so keep this in the back of your minds.

If above 1398 small rallies would be expected but given that the market is in the throes of trading lower, utilising any rallies to reinstate shorts for this expected move lower.

Spot Gold

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