Back to Blog

Gold: The bulls are back in town

Gold managed to get back above the 1400 level yesterday following the disappointing Manufacturing ISM that sent the US Dollar plummeting. The gold market is going sideways with an upward bias in the past two weeks, suggesting that it could be a matter of time before it breaks out to the upside. At 1403 at the time of writing, the precious metal kick started the day in negative mood but this can be seen as profit taking after yesterday’s strong session. We expect the bulls to take back the upper hand soon and push the market higher. A break above 1422 would open the door to the 1445 area. Near term support area sits at 1374. In order for the bullish bias to be delayed we need to see a consistent break below that level, but that is hard to imagine at the moment.

Dafni Serdari
Market Analyst
Intertrader.com, Spread betting & CFDs provider
Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit.
Disclaimer
The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

Share this post

Back to Blog

Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading these products with this provider.
You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.