In Asian’s trading session gold pulled back up to $1224 currently trading marginal up at $1220. Traders are not running to buy gold at lower levels, hence there is no demand at lower levels. Each and every trader’s eyes are closely watching the Fed actions. Tampering waves are spreading which takes away the glitters of gold.
US economy is becoming healthy proved by the recent data printed. Speculators are waiting for the nonfarm roll going to hit the street in this week. Fed will shape up its decision using this data. We would get a clear picture on the December 17th and 18th Fed meeting.
Fed is shaping out how to tamper without spoiling the market. Rumours are spreading that Fed will start tampering around April 2014. The latest FOMC minutes revealed that they were looking into different options like Fed is likely to continue with its purchasing program for USD 70 billion. The labour market plays a crucial role in the Fed’s decision.
The yellow metal loses its shine, yesterday it sailed in the red sea covered with a red blanket. It is trading near the crucial uneconomical level at $1200. As we expect on closing basis gold will close below 1200 making more pressure on the street and gates to open for new lower level targets $1150.
Today morning we gave buy call at $1221 with sl 1217 for the targets 1224 1227. Above 1224.5 it can pull back little bit more towards 1225 1227. It hits exact high $1224.2 and started looking downside.
Support- 1217 1206 1200 1195 (pull back expected)
Resistance- 1224.5 1227 1236
Today’s crucial level $1217
The material has been provided by InstaForex Company – www.instaforex.com
GOLD
In Asian’s trading session gold pulled back up to $1224 currently trading marginal up at $1220. Traders are not running to buy gold at lower levels, hence there is no demand at lower levels. Each and every trader’s eyes are closely watching the Fed actions. Tampering waves are spreading which takes away the glitters of gold.
US economy is becoming healthy proved by the recent data printed. Speculators are waiting for the nonfarm roll going to hit the street in this week. Fed will shape up its decision using this data. We would get a clear picture on the December 17th and 18th Fed meeting.
Fed is shaping out how to tamper without spoiling the market. Rumours are spreading that Fed will start tampering around April 2014. The latest FOMC minutes revealed that they were looking into different options like Fed is likely to continue with its purchasing program for USD 70 billion. The labour market plays a crucial role in the Fed’s decision.
The yellow metal loses its shine, yesterday it sailed in the red sea covered with a red blanket. It is trading near the crucial uneconomical level at $1200. As we expect on closing basis gold will close below 1200 making more pressure on the street and gates to open for new lower level targets $1150.
Today morning we gave buy call at $1221 with sl 1217 for the targets 1224 1227. Above 1224.5 it can pull back little bit more towards 1225 1227. It hits exact high $1224.2 and started looking downside.
Support- 1217 1206 1200 1195 (pull back expected)
Resistance- 1224.5 1227 1236
Today’s crucial level $1217
The material has been provided by InstaForex Company – www.instaforex.com
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