Technical:
Sell gold around $1606, downside targets will $1600,1588 and $1555 use stoploss from selling at $1623. Buy gold if crosses above $1623 next upside target will $1642, $1651 and $1670.
Fundamental:
Gold prices inched down in thin trade on Thursday as investors remained doubtful of the euro zone's ability to tackle its debt crisis after the European Central Bank's latest moves to keep credit flowing in the region. News from the euro zone will continue to dominate the mood in financial markets. Later in the day, Italian Prime Minister Mario Monti will face a confidence vote on approving an austerity package. SPDR Gold Trust said its holdings fell 12.1 tonnes from the previous day to 1,267.878 tonnes, the lowest since early November.
By
M.Zohaib Gadit
Forex Trading Consultant
Sell gold around $1606, downside targets will $1600,1588 and $1555 use stoploss from selling at $1623. Buy gold if crosses above $1623 next upside target will $1642, $1651 and $1670.
Fundamental:
Gold prices inched down in thin trade on Thursday as investors remained doubtful of the euro zone's ability to tackle its debt crisis after the European Central Bank's latest moves to keep credit flowing in the region. News from the euro zone will continue to dominate the mood in financial markets. Later in the day, Italian Prime Minister Mario Monti will face a confidence vote on approving an austerity package. SPDR Gold Trust said its holdings fell 12.1 tonnes from the previous day to 1,267.878 tonnes, the lowest since early November.
By
M.Zohaib Gadit
Forex Trading Consultant
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