Articles
-
Gold: Market Scenario, 8th November 2013
Review of Yesterday’s Market:
The gold price changed direction and slipped again towards the support level of $1297.34. The prices turned volatile and dip below the psychological of $1300. In today’s market, the gold price is expected to find support level of $1297.34 and a fall through could take it to the next support level of $1288.21. Similarly, the gold is expected to find resistance level at $1320.75 and a rise through could take it to the next resistance level at $1328.64.
The gold price dip below $1300 level as ECB cut rates to the record low of 0.25% and US GDP grows by annual rate of 2.8% higher than expected. Finally, jobless claims fell again by 9k to reach 336k. The friday key US jobs data will determine the future growth and therefore affects the Federal Reserve quantitive easing program.
Candle Description (7th Nov. 2013):
Open: $1315.06
High: $1325.85
Low: $1296.82
Close: $1309.63Note: Candle is based on (GMT -05:00) time.
Conclusion For Today’s Market (8th November 2013):
1. The volatility in the gold price pressure the downside risk in the market
2. As we can see the crossover between the moving average, which favoured the bearish bias for today
3. And, also the MACD histogram build below the zero line which shows downside in the gold price
4. Overall, the today’s bias for the market is bearish
Trend:
Short term trend: Sideways
Intraday bias: BearishNote:
*short term trend is taken from the one week.
*Intraday bias is for the today’s market
Watchable Price Level:
$1288.21, $1297.34, $1306.51, $1320.75, $1328.64, $1333.72
Important Data Released Today:
1.Employment change - CAD
2.Unemployent Rate - CAD
3.Non-farm Employment Change - USD
4.Unemployment Rate - USD
5.Prelim UOM Consumer Sentiment - USD
Read full article