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Gold: Market Scenario, 23rd October 2013
By laxmigold.page
Review of Yesterday’s Market:
Gold price rebound after the break-out of the tide range between $1323.35 and $1312.71. The rebound price tested our resistance level $1339.90 and closes below this resistance level. The price pushed upto the high of $1344.50 level. The yesterday’s bullish market determined the support and resistance level at $1333.72 and $1339.90.
The US non-farm employees rose by 148k down from the upwardly revised 193k and rate of unemployment edged down to 7.2%. Weaker than expected US jobs report delays the Fed tapering and thus contributed to the rise of precious metal prices.Candle Description (22nd Oct. 2013):
Open: $1314.20
High: $1344.50
Low: $1310.02
Close: $1339.00
Note: Candle is based on (GMT -05:00) time.
Conclusion For Today’s Market (23rd Oct. 2013):
1. The range bound market break-out and pushed price upto the high of $1344.50
2. The price closes below the $1339.90
3. Break above the $1339.90 will favour our bullish scenario and could pushed the price upto $1362.74
4. Our intraday bias for the bullish market is intake as long as the price hold above the $1333.72
Trend:
Short term trend: sideways
Intraday bias: bullish
Note:
*short term trend is taken from the one week.
*Intraday bias is fr the today’s market
Watchable Price Level:
$1321.74, $1329.44, $1333.72, $1339.90, $1343.27, $1362.74
Important Data Released Today:
1. MPC Asset Purchase Facility Votes - GBP
2. MPC Official Bank Rate Votes - GBP
3. BOC Rate Statement - CAD
4. Overnight Rate - CAD
5. BOC Monetary Policy Report - CAD
6. BOC Press Conference - CAD
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