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Gold drop confirms with seasonality study

FX:XAUUSD   Gold / U.S. Dollar
“As per seasonality study of last 25 years, March is usually a great time to buy the metal as prices rally in May. The metal suffers a summer market lull/drop which is followed by a rally in September and October” - said Amanda Van Dyke, Fund Manager at SF Peterhouse Gold             Fund on our Finance show today. Find the show here titled “Digging into Gold             & Gold             mining fundamentals” - https://www.youtube.com/watch?v=4reolbWCOZw

Prices slipped from the high of $1364 to a daily low of $1339.68 levels after the all important US non-farm payrolls data and wage growth figures data showed the US economy is on fire… The question now being raised is “why isn’t the Fed hiking rates” rather than “when and if the Fed will hike rates”.

Gold outlook

  • Gold’s sharp retreat from today indicates the rebound from daily rising trend line at July end topped out at $1367.15 (Aug 2 high) and a short-term congestion above the rising trend line could be seen if today’s closing is above the trend line support of $1335.
  • If the rising trend line is breached on daily closing basis, the psychological support at $1300 could be put to test.
  • On the higher side, only a daily closing above $1380 (38.2% of 2011 high-2015 low) would suggest prices have resumed the rising trend from Dec             lows.
Hi, in your opening statement,,would be interesting whether, that , includes election years.? Feel, it may go lower, and not fully rally until after election, when the real economy news will be exposed!, Still will be holding off buying until over the highest resistance mark....cheers, thanx for your work..also, a rate inc would not allow a rally too far would it.?
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Will post view on Gold during election years tomorrow
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@Ronee

Gold does well in US election years compared to Silver & is usually cheered by Democrat victory, while stocks love Republicans. This is generalized observation as there are many other things going on simultaneously.

Check the latest post on Gold's performance during election years here -
US elections: Gold likes democrat victory


Also included link to today's London open show where we discuss the topic
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Ronnee TipTVFinance
Hi,thanks for your work, gold seems to be linked again with dollar at minute and retracing again..good for short term trading/ scalping!, long term buying seems a risk yet..still reacting to small news...could be 1300 or lower be tested..cheers for now and thanks Ron
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