Gold 2014-10-31

Oct 31 2014, 1:37 pm

GOLD 1167

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 today 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

market now having trading zone between 1160 – 1180 , where market need to see a daily close below 1180 to confirm the break.

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

  Support Resistence
Level 1 1160 1180
Level 2 1145 1196
Level 3 1125 1208
Short term strategy: waiting daily close
(Visited 7 times, 1 visits today)