Gold 2014-10-24

Oct 24, 6:09 pm

GOLD 1231

Gold between deflation & Dollar hike

market managed to activate more drop pressure over Gold after FOMC rate projections for rising interest rate next year

while economic data from Europe and China showing slow down which may cause more deflation in prices which will affect Gold for more drop also

from another hand , Investors still concern over Global Economic Growth which spurred demand for Gold in the last 2 weeks

market managed to head toward our target 1190-95 where managed to execute our take profit there , while market managed to test 1180-85 support zone

market managed to obtain rebound correction which broke above 1222-24 zone after Fed minutes , which spurred demand for Gold to test 1236-42 zone , done last week

market now facing resistance at 1253 , 1263 , 1273 and 1300

as long as the daily close sustain above 1217-20 zone the uptrend movement will sustain

short-run trading zone still controlled by the mid-term downtrend channel as we can see over the chart where lower support at 1180 and upper resistance at 1300

below 1221 expect 1197

Daily Trend: Up
Weekly Trend: Down

  Support Resistence
Level 1 1217-20 1253
Level 2 1202 1263
Level 3 1185 1273
Short term strategy: flat
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