Category: Gold Prices

XAU/USD Dropped initially during yesterday’s session , but it bounced back enough to close above the $ 1337 support level .

Yesterday, trading a pair of XAU/USD when the decline came to $ 1,328 an ounce , as a series of economic data is weaker than expected from China increased worries about the country’s economic growth this year , but geopolitical tensions given the upward movement another opportunity to raise prices .

Ukrainian crisis enhance the status of the Safe originally went recently , but the upward side of the boat crowded . With this into consideration , I will follow up on the rising channel on the chart for four hours. Technically, however, if the pair manages to achieve strong penetration below 1330 , it is possible to be too early to think about the formation of the summit.

In case withstood channel pattern , it is possible to see the upward movement is moving toward the 1355 level again , but in order to get enough momentum , it will be for them to push prices beyond the level of resistance at 1346 first. Hack through the 1355 level will indicate that the market is aimed at 1361.76 next. If the downward movement seized control and pulled prices to drop below the day yesterday , it is probable that the pair of XAU/USD. dollar test the support level at 1320. Daily closing below 1320 will stir things for the benefit of downward movement and increases the selling pressure . In that case , the next support level will be 1307.

Realized gold price yesterday proposed stop-loss expectations to get downside correction , but we have to point in the modernization of the U.S. session yesterday and mentioned the possibility of an extension to the upside, and indeed , approaching gold of stop-loss compensation .

For this day, the possibility of extension of the upside move out of the question , as the price of stability above 1293.00 is positive , according to the rules of harmonic analysis , since the model AB = CD harmonic pattern will remain influential stability above the mentioned level .

Linear Regression Indicators are positive , and the RSI income levels reflect the saturation of gold in the purchase, but does not show any negative signal .

MACD is also moving in an upward trend , pointing out that the uptrend will continue . Our next goal is a gold price of $ 1323.20 , breaking through and that we may see an extension towards the price of $ 1341.10 .

A new attempt to rise in the price of gold got yesterday, but did not see a stable level above 50% Fibonacci correction at a price of 1272.00.

Generally, since trading is situated above the first goal of the AB = CD pattern located at 38.2% at a price of 1250.80. Stability above the mentioned level will make us today also bet on an upward trend, but confirm this positive outlook harmonic require stability of the metal above the price of 1272.00 referred to him.

On the other hand, you should not neglect to break 1248.00 price will be negative, and may push the precious metal touching a price of 1224.00.

Support 1256.20 1254.00 1250.80 1248.00 1244.50

Resistance 1266.20 1272.00 1277.90 1285.10 1293.15

Recommendations
Based on our chart shown above, we believe that buying gold above 1256.20, and take profit in stages at 1266.00 and 1272.00 and 1285.00 and stop loss below 1248.00 might be appropriate.

In the case of stop-loss check, sale of gold under 1248.00, and take profit in stages at 1241.00 and 1236.00 and 1224.00 might be appropriate as well.

Note: These recommendations are considered to determine the direction only

Gold prices rose today as a result of decline in the U.S. dollar amid the absence of economic data from the American arena to score a fourth session decline in a row to reach the lowest level in two months , and has resulted in a falling dollar to enhance the attractiveness of the yellow metal Kastmthar alternative , while silver rose to trade near its highest level since three weeks .

It remains to say that the markets are not just American but global and waiting for the FOMC meeting next week and is the last meeting for this year and for the current bank governor Ben Bernanke , before the meeting and what the price of gold is trading in the range of accidental .

It is noteworthy that gold prices have fallen by 27 % during this year and has reached its lowest level at 1180.50 dollars an ounce in the month of June last , following speculation that the fact that the Fed plans to withdraw stimulus gradually.

Gold trading

Given the price of gold , it is trading at 1262.65 dollars an ounce at 15:47 New York time compared to the opening at 1239.62 dollars an ounce reached the highest level at 1267.65 dollars an ounce and a low of 1237.67 dollars per ounce .
Trading the U.S. dollar

Decline in the U.S. Dollar Index , which tracks the performance of the U.S. dollar against a basket of major currencies , mainly the euro and the pound sterling and the Japanese yen after the news to trade at 15:48 pm GMT on the levels of 79.96 after it had opened its meeting at 80.17 recording its highest level of 80.07 and the lowest for 79.83 .

Trading silver and platinum and palladium

For other metals silver prices rose by 3.29 percent to 20.35 dollars an ounce, platinum rose by 1.44 % to 1394.28 dollars an ounce and palladium rose to trade around the levels of 736.25 dollars per ounce , up by 0.04% .

Gold settled the Asian market on Monday, amid investors’ assessment of the labor market data for the U.S. , which increased expectations that the Federal Reserve Board to reduce monetary stimulus program during the meeting scheduled for next week .

Gold ended Friday’s trading , up by 0.3 percent , and fell by 1.8 percent over last week’s trading , which recorded during the lowest level in five months to $ 1211.62 an ounce.

Gold is trading by at 07:40 GMT, on the level of 1231.37 dollars an ounce from the opening level of $ 1230.10 , and recorded the highest level of $ 1232.21 and the lowest level of 1225.22 dollars.

Enhanced data released on Friday in the United States recovered from the indicators is the world’s largest economy may accelerate the establishment of the Federal Reserve ‘s tightening of monetary policy .

The data showed the success of the world’s largest economy to add about 203 000 new jobs in November better than expectations that referred to 180 000 job at the best of 200 000 jobs in November November

The unemployment rate fell last month to its lowest level since November 2008 , recording 7.0 percent from 7.3 percent during October October, better than the median forecast of 7.2 percent .

And increased expectations of these data , which indicate the likelihood that the Federal Reserve Board in its next meeting scheduled for 17-18 of this month to take a decision to reduce the bond-buying program estimated value of 85 billion dollars a month .

The bond-buying program push gold prices to record highs during the last three years , but the speculation imminent reduction program led to a decline in the metal by about 26 percent during the current year, which makes it way to incur the biggest annual loss in 13 years.

Gold fell with the opening of the U.S. market from the highest level in a week registered the Asian market amid investors weigh U.S. data for clues to the future of the bond-buying program implemented by the Federal Reserve to stimulate the economy, the largest in the world.

U.S. economy

Recorded data released today in the United States rise building permits during the month of September and the month of October in October , and the prices of homes record level during the month of September , after jumping the S & P Composite 20 home price annual month of September in August , up by 13.3 % , the best from the previous reading , which recorded a rate of 12.8 % , better than expectations , which pointed to a rise of 13.0 % .

This data supports the expectation that the approach of the Federal Reserve’s bond-buying program to reduce the estimated value of 85 billion dollars a month .

This and other investors awaiting data released today by the U.S. economy , issued a statement where consumer confidence for the month of November is expected 72.2 from 71.2 during October .

The policy stimulus in the U.S. contributed to record highs in gold prices during the last three years , but the speculation imminent tightening of monetary policies contributed to the metal dropped by about 25 percent during the current year, which saw a marked improvement in indicators of U.S. economic recovery .

Still in control of the narrow range of trading intraday price of gold, which continues to move around 1250.00, while we note the discrepancy between the positive stochastic and negative pressure, which puts the SMA 50.

In general, the downward trend is still valid and effective, depending on the descending channel shown in the picture, with reference to the penetration level of 1258.00 will turn intraday path towards the top to test the level of 1300.00

The trading range for today is between: Support and resistance 1220.00 1260.00