Gold 2014-11-05

Nov 05 2014, 1:37 pm

GOLD 1145

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


market managed to break below 1160 to sustain the drop pressure , where more drop will be expected latter

market now facing resistance at 1170-80 zone , which will consider good zone to re-short-sell market

long-run downtrend wave that we advise last year still targeting 1100

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 1145 1160
Level 2 1125 1170
Level 3 1100 1180
Short term strategy: place short-sell at 1170-80 zone , stop loss at 1200 , target 1085
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