Gold continues to take baby steps back towards the $1400 per ounce level as it finally manages to haul itself back over our shorter term moving averages but is still struggling with the 14 day at $1390.75. The market’s relief that the debt problems in the eurozone have once again been sidelined also appears to have dampened gold’s progress to this key price level. However, with equities still vulnerable (despite trading at fresh highs) this positive market sentiment is liable to reverse at any time and, without warning. A quick look at both the weekly and monthly chart shows spot gold is likely to pull back further, possibly even as far back to the $1300 per ounce level, before resuming its longer term upwards rally.
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Hi – my name is Anna Coulling and I am a full time currency, commodities and equities trader. I have been involved in both trading and investing for over fifteen years and have traded many different financial instruments, from options and futures to stocks and commodities. I write and publish articles ( mostly for free ) for UK and international publications on a wide variety of financial issues, and in particular I enjoy helping others learn how to invest and trade.