Gold Heading Towards More Declines

Gold Heading Towards More Declines

By: Ben Myers | YesOption | On:6-10-2014 02:25
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Where To Trade - Daily chart for Gold

Daily chart for Gold

Gold 

Gold tumbled to 4-year lows in Fridays’ trading session. Traders and investors in Asia are continuing to witness the downward pressure on the precious metal as the dollar continues its uptrend against all major currencies, considered bearish for gold. Gold fell below the all-important psychological level of $1200 breaking the important support zone near the $1207. The Department of Labour reported that the US economy added 248,000 jobs in the month of September, this came in way higher than the consensus estimate of 215,000 jobs.

This report has made many traders and investors believe that the Federal Reserve would hike short-term interest rates in the near future, which is huge cause of concern for gold bulls. Traders and investors would be closely watching out for the FOMC minutes to be released on Wednesday, to understand the future course of action to be taken by the Federal Reserve. Traders would also be hoping that physical gold demand picks up in the coming week as countries like India enter into a festive season always considered bullish for gold traders.

On the daily charts for gold, the precious metal has witnessed a massive selling pressure and seen itself break below all-important support levels. The precious metal currently trades below key daily moving averages, which are a cause of concern. Traders are now closely looking at the levels of $1180 as the last hope of support for gold. The momentum indicator for continues to remain in bearish territory and is currently showing no signs of a reversal. The relative strength index has given a fresh sell signal, which is indicative of the bears being in total control.

Actionable insight:

Short Gold at current levels for a short-term target at $1180 with a stop loss at $1214

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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