Thursday, January 30, 2014

Gold Price Forecast 30 January 2014

In the FOMC's statement yesterday Fed did taper after all. Fed said it would reduce its securities purchase by $10 bn total, knocking $5 bn of its present $40 bn monthly US Treasury bond buying and $5 bn from its $35 bn Mortgage Backed Securities purchases.

Gold price hold 1250 level in a good manner in simple words another range bounded . In recent attempt Gold failed to clear $1,278 If price holds above this barrier we expect a retest a resistance at $1,278 per troy ounce. A break above this level will smooth the ways to $1,293. The resistance has been provided by the 61.8% Fibonacci projection level of an upward wave c or wave 3.
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