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Gold movement to the downside is limited in the longer term
December 16, 2013 7:15 amVideo
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The Fed meeting’s fears are increasing day by day, now it comes very close. The recent job data make tapering waves around the globe. The recent budget deal makes it clear. The main concern is the job growth is sustainable. The job market data is the key factor for Fed’s upcoming decision. Unemployment rate stood at 7%. Another concern is the falling inflation. Fed decision makes road to the financial markets, gold and USD.
Gold already hammered from 2011 peaks 1,933. Currently, it is trading near lower levels. At Asia’s trading session, it is trading at 1,236.
Possibilities:
· Fed will starts tapering from March/April/June, Wall street is expecting March.
· Fed trims its purchasing program – favorable conditions, we could expect this outcome. Monthly cut of $7-10 billion.
· Tapering with immediate effect (January) – surprise to Wall street, financial markets will collapse.
Intra view
Resistance – 1,240, 1,248.
Support – 1,233, 1,227, 1,220, 1,210, 1,208.
We expect gold will fall further from cmp 1,236.
Weekly wrap
Resistance – 1,278, 1,295, 1,310, 1,360, 1,435.
Support – 1,207, 1,200, 1,180, 1,150, 1,125, 1,100.
The material has been provided by InstaForex Company – www.instaforex.com
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