Articles
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Gold: Market Scenario, 25th October 2013
Review of Yesterday’s Market:
Gold price move above the $1339.90 level where our bullish scenario get active and pushed price towards the high of $1351.77. The uptrend in the market is favoured as long as the price maintain to consolidate above the support level $1339.90 and the resistance level is seen at the point of $1350.13.
The economic data released yesterday created the volatility in the gold price. Trade Balance data decreases than the forecasted data which effect the dollar price to be strong and the next data unemployment claims increases than tha forecasted data which effect the dollar price to be weak. Thus, the volatility occured in the price of gold and at the end the price maintain the stability above the $1339.90 level.
Candle Description (24th Oct. 2013):
Open: $1335.25
High: $1351.77
Low: $1333.92
Close: $1343.32
Note: Candle is based on (GMT -05:00) time.
Conclusion For Today’s Market (25th Oct. 2013):
1. The break-above the $1339.90 level intake our bullish scenario
2. Cross-over is seen between the 12 and 26day EMA which favoured the bullish bias
3. And, also we can see in the MACD indicator, where the histogram open above the Zero line and Signal is about cross the Zero line to maintain our strong bullish scenario
4. As a whole fo the today’s market the price may rise upwards
Trend:
Short term trend: sideways
Intraday bias: Bullish
Note:
*short term trend is taken from the one week.
*Intraday bias is fr the today’s market
Watchable Price Level:
$1328.64, $1333.72, $1339.90, $1343.27, $1350.13, $1359.93
Important Data Released Today:
1. German IFO Business Climate - EUR
2. Prelim GDP q/q - GBP
3. Core Durable Goods Orders m/m - USD
Note:- Forecasted data is 0.6%
- if actual data is greater than forecasted data, than it is good for currency and vice-versa
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