Gold 2014-11-04

Nov 04, 1:38 pm

GOLD 1173

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

market managed last week to fell below support zone of 1180 which indicating the sustain drop for the next year which is compatible with expectation for Fed to raise interest rate

short-run

market now between drop pressure on expectation for Fed Rate Hike , while short-run trades inside oversold zone giving ability for rebound correction

market still have chance to sustain trades between 1160 – 1240 zone incase if market managed to back with daily close above 1180, while as long as market holding daily close below 1180 the downtrend pressure will sustain toward 1100

Daily Trend: Down
Weekly Trend: Down

 SupportResistence
Level 111601180
Level 211451196
Level 311251208
Short term strategy: waiting daily close
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