Gold stuck in a tight range
December 4, 2013 6:45 amVideo
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Gold trading at $1,224 marginal up in Asia’s trading session. In yesterday’s trade it made 5 month’s low at $1,214.7. Tomorrow is a big day for gold, non-farm payroll data will be unveiled, which is the key data for the Fed’s decision. If the data printed healthy then the gold will further decline, currently it is trading almost near to uneconomical level to mines and July’s low.
All eyes are on this big month’s FOMC meeting on 17th & 18th December. Investors looking for tampering clues for American employment report. There are expectations that the Fed will trim bond buying program in 2014 April.
Bears push gold to new lows and waiting to push further lows towards $1,140. On the hourly charts gold is facing a strong resistance at $1,226 and support indicates at $1,215. The RSI gives a +ve divergence on hourly charts. If gold successfully breaks the upper red line, it would pull back little bit more from there it will fall again. Below the support at 1,215 it will fall up to 1,210 1,205 1,200 1,195. We could expect $1,192 is the strongest support on closing basis.
If we go through the longer term chart, all the technical indicators mirroring bear shadow. We expect the limited downfall in long term perspective at 1,143 1,100 1,050.
Recommendation-
Above 1,227 next targets at 1,230 1,235 1,237 1,240
Below 1,215 down side targets at 1,210 1,205 1,200 1,195
The material has been provided by InstaForex Company – www.instaforex.com
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