All Articles Tagged - gold

Technical Analysis – Gold consolidates as downtrend stalls on daily chart

Posted on January 10, 2014 at 9:27 am GMT

Gold started the New Year on a firmer footing after bouncing off 6-month lows (1182.16) hit on December 31. Looking at the daily chart, gold has spent the last 10 days consolidating and hovering around the 23.6% retracement Fibonacci level of the move down from the October 28 high (1361.60) to the December 31 low (1182.16). It is also currently finding support from its 20-day moving average (which coincides with the 23.6% Fib). Gold has been bearish throughout 2013 but [..]

Technical Analysis – Gold in steep downtrend

Posted on December 31, 2013 at 9:52 am GMT

Gold has been on a steep downtrend in the second half of the year and is on track for the biggest annual loss in over 30 years. The precious metal is losing its safe haven quality and many do not see it as a store of value as they move to equities which have been enjoying strong rallies recently. The Fed’s announcement to taper has accelerated gold’s decline. A daily technical analysis show that prices are below the downtrend line [..]

Technical Analysis – Gold Daily: fresh 5-month lows could lead to retest of 1180

Posted on December 9, 2013 at 11:04 am GMT

[caption id="attachment_11871" align="alignnone" width="550"] (click to enlarge)[/caption] Having traded through technical support around 1250 dollars an ounce 2 ½ weeks ago, gold remains in a downtrend and is looking to test the 1180 level, which is the 3-year low (since August 2010). The bearish downtrend for gold will remain in place until the 1360 level is breached. An intermediate level of resistance is the 1250 area – a previous level of support which has now probably turned into resistance. The [..]

Technical Analysis – Gold below 1300 for 3rd week

Posted on December 2, 2013 at 2:49 pm GMT

Gold prices have been trading below the key 1300 an ounce over 3 weeks, since November 11. Gold dropped further on Monday to touch a low of 1227.64 an ounce by later European session trading hours. Fundamentals have resulted in an increasingly bearish sentiment on the precious metal as speculation of Fed tapering is dampening gold’s appeal as a hedge against inflation. On the daily chart, gold remains in a downtrend. Repeated failure to breach 1260 (since November 21) has [..]

Technical Analysis – Gold looking bearish after FOMC

Posted on November 21, 2013 at 9:46 am GMT

Bearish sentiment in gold was reinforced after the FOMC minutes which were released on Wednesday and which reflected the possibility that the Federal Reserve could take action to begin tapering stimulus in the coming meetings. Since August, gold has resumed a downtrend, falling from 1433 and is currently trading below the key 1250 level on the daily chart after tumbling to a four-month low of 1241 following the FOMC minutes on Wednesday. Breaking below this key support level of 1250 [..]

Technical Analysis – Gold 4-hourly could retest 4-month low of 1250

Posted on November 11, 2013 at 8:39 am GMT

[caption id="attachment_11169" align="alignnone" width="550"] (click to enlarge)[/caption] Following a high of 1361 on October 28th – more or less in line with the time of the low in the dollar index – gold has sold off sharply, reaching the 1285 level in the latest trading. Recently, the sharp sell-off below the 1300 level was caused by the stronger-than-expected October nonfarm payrolls figure, which has rekindled speculation of earlier tapering of Fed monetary stimulus. Following this break, the road has more [..]

Technical Analysis – Gold hourly in uptrend but resistance / congestion ahead

Posted on October 21, 2013 at 7:10 am GMT

The precious metal has seen significant swings during the past week, rebounding from a low of 1251 dollars an ounce to trade at a high of 1326 three days later. It is currently trading near the upper end of this range and it will be interesting if it can break to the upside. However, from longer timeframe charts, gold could have problems breaking through the 1327-1342 area as attempts to do so during the past 30 days have all failed. [..]

European Session – Quiet trading ahead of US holiday, gold rebounds

Posted on October 14, 2013 at 12:51 pm GMT

The dollar was stable during the European session, following moderate losses in the Asian session. The dollar lost an additional 0.06% against the Japanese Yen, to trade at 98.18. The yen managed to win back some of the ground it lost the previous 4 trading sessions. The markets were still expecting news out of Washington as the 17th October deadline for raising the debt limit loomed. Although Democrats and Republicans started negotiating at the end of the previous week, there [..]

Technical Analysis – Gold consolidating, bearish bias strong

Posted on September 24, 2013 at 8:16 am GMT

Gold has broken below the key $1,330 support level on Friday and this now serves as a resistance level. Many indicators suggest a strong downward bias especially in the long term. On the 4 Hour chart on Tuesday, RSI is below 50 and pointing down. Stochastics are below 20 and flattened out. Price action is below MA55 and below the Ichimoku cloud. In the past three session prices have been consolidating around the $1,325 level which is the 23.6% Fibonacci [..]

Commodities – Gold falls as speculation grows that taper will come soon

Posted on September 20, 2013 at 9:39 pm GMT

Gold ended the week close to where it began it, giving up most of its gains after reversing the Fed-induced rally that took it to $1,374 on Thursday after the Federal Reserve decision not to taper. The Fed’s decision on Wednesday to maintain the pace of the bond purchase program raised concerns about the central bank’s credibility so gold was bought as a safe haven after investors were disappointed. The dollar tumbled on the Fed announcement, causing gold to rise [..]

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