Nothing working for gold

View Comments

I’m taken aback by the weakness in gold over the past two days.

Yesterday, everything aligned for gold gains. The Fed eased heavily and the dollar sold off. Yet gold rallied to $1722 for a moment and then shot back lower.

Seeing how an asset reacts to news is often the most telling indicator and I believe that is the case with gold at the moment.

Gold weakness was confirmed today by a swift decline below the 100-day moving average.

There is scattered support down to $1674 followed by the 200-day moving average.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.


All|Americas|Featured|Regions|Technical Analysis


Adam Button


  1. @ Adam,what would this be indicative of?

  2. Yea Adam, not sure whats going on hear. I’ll look to get long around 1630 and play a potential cup and handle. Thanks for the story Jamie I know you guys are syndicated,Warren Buffet can kiss my ass.

  3. Hello Adam, GBP has lost 530 pips against NZD from last week, do you see lower than 1.90 ? The interesting point is the same drop happened end of 2011.

  4. Hard for me to comment on NZD at the moment because I’m licking my wounds from trying to pick the top — 9 days in a row of gains today.

  5. 1620-30 is a very attractive place to hit for Mr. Market!! As I say, I have found it hard to buy, and easier to short GOLD lately!

  6. Just sold 1 lot I bought earlier today at 1692.65. Easy 8 dollars…. :)

  7. This has been the worst trading instrument of the year. We have seen massive stop loss runs the past couple weeks. Yesterday’s asian attack was another counter move defying logic. Looks to me like some big boys are having fun regularly flushing out weak hands.

  8. Sorry Bp I can’t agree with you, only on the buy side I made very interesting returns in the last two months… most of my trades are only in gold and I don’t regret them. Just be patient and buy the dips below 1695, it’s proved to be a big success… Probably the strategy will not go on for much longer but hte profits are all booked…

  9. Adam, this NZD is hurting me too, 9 days of gains was supposed to be only for JPY , but now we have a tie.

    But, lets short it again, at .8570

    what do you feel about it?

  10. I never double down on a bad trade. I throw a tantrum, threaten to break things and give myself some time to forget about it. I’m way too pissed off about NZD to give you any kind of clear-headed ideas on trading it.

  11. It’s always a bad idea to try to pick the tops of any strong trend, much more for a trend in a pair with little liquidity like NZDUSD.

  12. I hear ya Rui, gold has a tendency to push down hard thru stops so I tend to shy away from bottoms and look to buy on pullbacks in an uptrend. Yesterday, with the fed news looked like a decent opportunIty to buy around 1710 in Asian markets, and once again a stop loss raid ensued. I’m frustrated, I’ve been washed out too many times.

  13. The more people keep saying BUY, the more I feel the BEAR in me Growl!! 1620-30……retracement, then an eventual 1450!! My eyes are fixed on these levels. No doubt we may see a push toward 2000 at some point!! The kiwi got us all Im afraid, so we can all drown our sorrows together Adam…….!


© Copyright 2015 ForexLive™  |  Advertise With Us  |  Login To Comment  |  Sitemap

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.