Gold Analysis

Gold Analysis October 31,2013  Trend is Neutral to negative

Gold showed high volitilty yesterday printing lower highs and lower lows. We went short at 1355 yesterday. We updated via twitter to book profit when the price was at 1338.00. Yesterday we discused that price of gold may remain consolidated. We are holding our views for today too.

The Federal Open Market Committee announced“The Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. Accordingly, the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month” .

Technical indicators are not signalling a clear view. On the daily time frame Price of gold failed to close above the Ichimoku clouds MA-20 stands at 1315.81 which will act as a resistance in case of any downward move. MA-5 stands at 1343.96 which attract fresh selling incase of higher prices. Current pattern suggests that bulls are fading.

Support            1330.00 1325.00 1315.00 1307.00 1302.00
Resistance        1346.00 1350.00 1360.00 1.367.00 1375.00

Gold Analysis

Based on the above description we suggest buying gold gold at 1321.00 keeping stop loss at 1310.

Gold Analysis

Gold Analysis October 28, 2013

Economic data of the world’s largest economy showed weakness, US dollar lost his value disappointing the traders. Price of gold traded as low as 1336.53, After the report of University of Michigan about its consumer sentiment index (which was declined to 73.2 from 75.2) and the Commerce Department’s report for core durable goods orders (which was decreased %0.1), price of moved higher and closed at 1351.54 on Friday.

Support               1345.00    1342.00    1336.00    1330.00    1326.00
Resistance           1355.00    1363.00    1372.00    1378.00    1382.00

Gold Analysis

 MACD and the RSI are on a rising trend, supporting the positive view We suggest read more

Gold Analysis October 24, 2013

Price of gold showed neutral to negative movement yesterday. We missed our long entry by few cents only. We have internet connectivity issues so today there is very short description.

50-DMA (stands at 1344) may provide minor resistance in upward way towards 1364.

Support                1330.00 1325.00 1315.00 1310.00 1302.00

Resistance           1345.00 1350.00 1360.00 1367.00 1375.00

Gold Analysis

We suggest selling one lot at 1348 keeping stop loss at 1358. Target is 1328

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