Pages

Friday, April 12, 2013

Gold Trend 12/April/2013


After attempting to rally yesterday, gold found selling pressure return around the old support level at 1567.  The price then fell back to close around 1560 and has continuing lower this morning.
Gold is currently trading around 1557 and in our view looks like it wants to retest 1540.  As we noted yesterday, a break of 1540 would see a rapid drop towards 1525.
It is a little concerning for the bulls that the dollar weakness this week has not lifted gold at all, though perhaps this is not entirely surprising considering the recent lack of correlation between the dollar and gold.
Oil has given back most of its gains from the recent rally and is approaching a key support area at $92 a barrel.  A drop below this support will see a retest of support at $90.
There are a number of data releases from the US this afternoon that could affect gold including retail sales numbers and the Producer Prices Index, a key indicator of inflation.
 
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 
 Do your own due diligence. 
No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend. 
 King Regards
Promote Your Blog
Free Blog Directory  

Blog Directory