Gold falls at Friday Close to 1275


My last video of the week highlighted the tight intraday range gold had been in for most of Friday on low volumes. The key commodity was pivoting around $1285 with support at $1282 and resistance around 1286. The London close, put pay to that as a raft of futures contracts turned the yellow stuff south to close the week a little over $1276.00.  The steep fall at the end of the week could be an indication of more weakness to come, the short contract could be either covering of long positions or indeed new short positions as the move through 1280 triggered stops at 1275.

I remain LONG ( on the Daily chart from 1275.84  for the time being with target 1 at 1289.00 and target 2 1300.00. The USD likely to remain under scrutiny as the TAX bill limps through the House and Senate, tensions rise in the Middle East as Iran and Saudi Arabia play ball with Lebanon and the North Korean situation is no closer to a resolution.

In the short term the H1 and H4 look bearish following the Friday sell off, with strong resistance at 1282.00 and support at 1272.00.   


Click here to access the HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:

Stuart Cowell

Senior Market Analyst


Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.