Gold Trend! 31-01-2012
Technical
Yesterday, gold posted a decline of 5.89$ and closed at 1729.61$. Currently, gold is facing resistance between 1735$ and 1744$; any rise will open the way towards 1770$, a 61.8% retracement on the fall from 1921$ to 1522$, while any downside will initially be tested around 1695$ and 1685$. The indicators are mixed suggesting a neutral view. I suggest investors to stay cautious on the higher side and wait for dips. The support and resistance are present at 1722.99$ and 1744.91$, respectively.
Fundamental
Gold ticked up after the euro recouped some losses, while gold prices headed for their biggest monthly rise since August as lingering concerns about growth in the U.S. prompted buying from investors. At a summit meeting on Monday, European leaders agreed on a permanent rescue fund for the euro zone and most endorsed a German-inspired stricter budget discipline, but they fell short of reconciling fiscal austerity with growth.
By
M.Zohaib Gadit
Forex Trading Consultant
No comments:
Post a Comment
Feel free to comment.