Articles


  • 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 - CAD

    Note:- if the USD report actual data is greater than forecasted data, it is good for currency and may pressure gold price down-side


    Read full article
  • Rabindra Kayastha

    Authorized Person for MEX NEPAL
    Mob: +977 9856030634

  • Pawan Dhakal

    Biratnagar Branch Manager
    Mob: +977 9852033934

  • Our Clearing Member

    Himalayan Commodity Brokers
  • Our Banking Partners

    Laxmi Bank
  • Bank of Kathmandu
  • Nepal Investment Bank Limited
  • Century Commercial Bank Limited