Gold 2014-12-02

Dec 02, 12:36 pm

GOLD 1198

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 rise interest rate

short-run

market managed to spark rebound correction as expected after U.S labor market data last month , where market managed to head to break above 1182 resistance zone

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

market managed yesterday to head in rally action toward 1221 , which come along with our expectation for rebound correction at the end of this year , while market still have room to test 1230-35 zone where new opportunity to re-short-sell the market will rise there with stop order above 1255

market now facing support at 1175 , where as long as market holding trades above 1175 expect more advance toward 1230-35 zone , below 1175 market may back to re-test 1150-55 zone

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: Up
Weekly Trend: Down

  Support Resistence
Level 1 1187 1221
Level 2 1175 1230-35
Level 3 1150-55 1240-45
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