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R2=1682.73
R1=1659.35
PP=1642.80
S1=1619.43
S2=1602.87
On Friday, gold registered a decline of 13.65$ and closed at 1636.22$. Currently, gold is consolidating between the 14-DMA and the 100-DMA standing at 1641$ and 1674$, respectively. Any rise above the 100-DMA will open the way towards 1700$, however, any fall below the 14-DMA is likely to re-test support at 1615$ and1595$ mark. The indicators are mixed suggesting a neutral view.But suggest investors to stay on SELL at current levels. The support and resistance are present at 1641.98$ and 16620.65$, respectively.
Fundamental:
Gold prices rose 1% on Monday after the leaders of France and Germany promised to unveil new steps by the end of the month to resolve the euro zone's debt crisis, spurring commodities and equities. For now, gold seems to follow the movement in the commodities market. Investors are eyeing this week's data, including minutes of the Federal Reserve's September 20-21 meeting; weekly filings for jobless benefits; and retail sales and consumer confidence numbers for September, after Friday's data suggested a stronger-then-expected U.S. labor market.
Gold prices rose 1% on Monday after the leaders of France and Germany promised to unveil new steps by the end of the month to resolve the euro zone's debt crisis, spurring commodities and equities. For now, gold seems to follow the movement in the commodities market. Investors are eyeing this week's data, including minutes of the Federal Reserve's September 20-21 meeting; weekly filings for jobless benefits; and retail sales and consumer confidence numbers for September, after Friday's data suggested a stronger-then-expected U.S. labor market.
By
M.Zohaib Gadit
Forex Trading Consultant
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