Gold 2014-11-17

Nov 17, 12:30 pm

GOLD 1187

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 Japan showing slow down which may cause more deflation in prices which will affect Gold for more drop also

market managed 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 managed to spark rebound correction as expected after U.S labor market data 2 weeks ago , where market managed to head to test 1170-80 resistance zone

any break above 1182 may activate short-run rebound correction toward 1230-35 zone , as we advised before

market managed last friday to break above 1182 , where market now facing support zone at 1170-75 , while resistance at 1195

as long as market holding trades above 1170 will expect farther advance over market , where above 1195 expect 1213, while above this zone expect 1235

below 1170 expect 1150

Long-Run
long-run downtrend wave that we advise last year still targeting 1100 , where as long as market holding trades below 1255 the target will remain toward 1100

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 1170-75 1195
Level 2 1150 1213
Level 3 1140 1235
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