Gold 2014-11-28

0 1

GOLD 1182

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
market managed to spark rebound correction as expected after U.S labor market data 3 weeks ago , 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
so far market showing trading zone between 1175 – 1215
above 1215 expect 1235-40 zone , while below 1175 expect 1255 zone
However , If the market fell below 1170s levels then we would expect further drop to 50s/40s levels as a short-term horizon.
so far indicators still showing ability to sustain advance toward 1235-40 where this zone will give short-sell opportunity while stop order will be above 1255
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 1170-75 1192
Level 2 1155-60 1215
Level 3 1140 1235-40


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