WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Gold Notes

Posted by Joseph Trevisani on May 15, 2013 3:19:00 PM

Spot gold has traded consistently lower on the day dropping twice in quick rushes after hours of seemingly indecisive range trading. First the metal failed to hold the $1425 level in Europe and then in New York where the $1410 level proved just as insubstantial. 

Both breakdowns came after prolonged movement above and occasionally through the two levels. The New York plunge to a low of $1390.60 was the first break of $1400 since April 19th. That day's low of $1385.98 should offer initial though weak support. Below that are previous lows of April 18th at $1339.01 and April 16th at $1322.06, also the 2013 low.

Because all three dates were the lowest the precious metal had been since late January 2011 they are unlikely to offer anything more than a brief technical pause. The next substantial support is at $1262.00, the top of the range from June to September 2010, and until the break in mid-September, the historical top as well.


Joseph Trevisani

Chief Market Strategist




Charts: Bloomberg

ScreenHunter 1163 May. 15 15.31 

ScreenHunter 1164 May. 15 15.47


Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

Browse our frequently asked questions and find your answers right away.

Access to the educational lessons, webinars and platform walkthroughs.


Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!