Spot Gold Analysis

 

Spot Gold

Spot Gold continues to find selling pressure on the lack of traditional safe haven buying and as the USD rallies. We see price is at a major support zone and do expect to see a reaction up off the 1237.50 support area. This does not mean its a screaming buying opportunity but rather an easing of selling pressure. As the move down from 1370 is still in force, we will need to see more work done by the buyers to be convinced that price is changing direction…ideally a major higher low but if price fails then we may see some serious selling down towards 1150.

 

Commodity : Spot Gold

Current Price : 1239

Status : On watch for potential reaction up off 1237.50 zone

 

 

Previous Alert 19/6/18

Spot Gold

Spot Gold had a rough session a day ago to drop like a stone as sellers applied the pressure. Price now is in a zone where we expect to see a reaction higher but if a lower high starts to build, expect to see some further selling that could take price down to the 1237/1242 zone. For higher prices and a test back up to 1370, we will need to see the 1308 level broken and then a higher low to build which will drag in some more buyers to support the move up.

 

Commodity : Spot Gold

Current Price : 1283

Status : On watch for continued selling pressure

 

 

Previous Alert 21/5/18

Spot Gold

Spot Gold has had a rough few weeks as price pushes lower and buyers now need to step in if price is going to head higher. Price is showing signs of being oversold and at a key level where we are expecting a reaction higher but if not, and sellers hold lower highs, we see an extended move down to $1242.

Commodity : Spot Gold

Current Price : 1288

Status : On watch for higher lows and buying pressure