October 14, 2011
R2=1700.23
R1=1684.36
PP=1668.51
S1=1652.64
S2=1636.79
Gold traded in a range of 31.78$ and closed lower at 1667.69$, down 9.65$. Currently, gold is consolidating between the 14-DMA(1650) and the 100-DMA(1682) any rise above the 100-DMA will open the way towards 1704$, however, any downside will be restricted at the 14-DMA standing at 1642.7$. The indicators are mixed suggesting.But i suggest investors to SELL at current levels. Supports are present at 1660.9$ and 1652.8$, while gold will find resistance at 1680.2$ and 1692.4$, respectively.
Fundamental
Gold flat and thin trade today, headed for its biggest weekly gain in more than a month, but the credit downgrade of Spain and its impact on the euro may weigh on market sentiment. Ratings agency S&P's downgraded the long-term credit rating of Spain by one notch on Friday, knocking the euro down by a third of a U.S. cent as it followed hard on the heels of a similar downgrade by Fitch last week.By
M.Zohaib Gadit
Forex Trading Consultant
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