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  Gold: Weekly Market Scenario

  
  
  

  Review of Last Week Market:
  Last week gold price continued their upward trend making the high of $1355.61. As we can see the break-out of the symmetrical triangle which pressure the gold price to rise. After making the low of $1310.02, the price continues to rise and break the symmetrical triangle chart pattern. The resistance level for the week is $1394.15and support level is $1328.64. The break of the resistance level will push the price towards the next resistance level $1394.15.
  

  The depreciation of the USD against the euro and japanese yen pressure the gold price towards their upward trend. Similarly, non-farm payroll didn’t meet the expectations, jobless claims sipped by 12k to 350k and china’s manufacturing PMI increased to 50.9 in october - this positive news contributed to the rally of precious metals. And also, the little progress in US labour market are likely to kept the monetary policy of FOMC unchanged. Thus, the sentiment of investors rises towards the safe haven assets such as gold.
  

  Candle description of the last week:
  Open: $1318.14
  High: $1355.61
  Low: $1310.02
  Close: $1350.41
  

  Forecasted movement of the price for the week:
  1. Break-out of the chart pattern may continued the upward trend in the market
  2. Stochastic oscillator signal line is pointing sharply towars upward which favour the bullish biasness
  3. Uptrend in the market may push price towards the next resistance level $1394.15
  4. Similarly, the upcoming FOMC meeting isn’t likely to result in surprise and the FOMC is likely to keep it’s bond purchase program at $85billion a month
  5. In India, progress of the wedding and festival season is likely to keep the demand for precious metals
  6. If Indian rupee recover against the USD it is likely to pull up gold price
  

  Trend for the Week:
  Long term trend view: Sideways
  Weekly bias: Bullish

  Note:
  *Long term trend is taken from the last 8weeks market
  *weekly bias is taken from last week market
  

  Economica Data and Report for the week:
  1. FOMC meeting
  2. US CPI
  3. US and China’s manufacturing PMI
  4. US retail sales
  5. GFK German consumer climate survey
  6. US PPI
  7. US jobless claims

  Note:- if US manufacturing PMI and retail sales reports, don’t meet the current projections, this could furter pull down the USD and thus pressure up gold price
      -  if manufacturing PMI OCT. reprot of china show another rise this news is likely to positively affect the prices of gold
  

  NOTE:
  All the description is based on (GMT -05:00) time.

  
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Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Laxmi Gold Investments, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.

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