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Gold: Market Scenario, 29th October 2013
Review of Yesterday’s Market:
The gold price yesterday rebound after making the low of $1346.33 and touches the resistance level of $1359.93. Technically, the cross-over between 12MA and 26MA pushed the price towards the high of $1361.52. The market close below the resistance level at $1355.02. Eventhough, the uptrend market is favoured we see the range bound market yesterday between the $1358.23 and $1350.13. The resistance and support level for today’s market is at $1368.24 and $1353.64.
From the fundamental prospective, As many analysts expect that fed will stick with $85 billion of monthy quantitative easing and also, the peak gold buying festical of Diwali in India pressure the gold price to rise.
Candle Description (28th Oct. 2013):
Open: $1350.42
High: $1361.52
Low: $1346.33
Close: $1355.02
Note: Candle is based on (GMT -05:00) time.
Conclusion For Today’s Market (29th Oct. 2013):
1. Bullish engulfing candle after the doji candle could likely pushed the price upward
2. Similarly, the MACD indicator signal is about to cross the zero level line and histogram is build above the zero line which denotes the bullish market is in intake.
3. And also, the cross over between 12MA and 26MA gives us the strong sign of bullish scenario in the market
4. As a whole, the market may pushed gold price high
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:
$1333.72, $1343.27, $1350.13, $1359.93, $1368.24, 1371.11
Important Data Released Today:
1. Core retail sales m/m - USD
2. PPI m/m - USD
3. Retail sales m/m - USD
4. CB consumer confidence - USD
4. BOC Gov. Poloz speaks - CADNote:- if the USD report actual data is greater than forecasted data, it is good for currency and may pressure gold price down-side
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