Articles
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Gold: Market Scenario, 7th November 2013
Review of Yesterday’s Market:
The gold market didn’t do much yesterday and traded in the flat market. The price reached the resistance level at $1320.75 and slipped again. In today’s market, the gold is expected to find support level of $1306.51 and a fall through could take it to the next support level of $1297.34. Similarly, the gold is expected to find resistance level at $1320.75 and a rise through could take it to the next resistance level at $1328.64.
The gold is expected to remain flat, as the investors await US NFP report and growing anticipation for clues about the timing of any tapering of the Fed’s $85billion in monthly bond purchases driving the price towards the $1300 level.
Candle Description (6th Nov. 2013):
Open: $1314.78
High: $1321.92
Low: $1310.10
Close: $1315.04
Note: Candle is based on (GMT -05:00) time.
Conclusion For Today’s Market (7th November 2013):
1. Flat trading market is seen in the gold price, where the price consolidated within the range of $1320.75 and $1306.51
2. The bearish wave is still in check as long as the price is below $1328.64
3. Await until the break-out of this flat range market is seen for the today’s market
Trend:
Short term trend: Sideways
Intraday bias: Neutal
Note:
*short term trend is taken from the one week.
*Intraday bias is for the today’s market
Watchable Price Level:
$1288.21, $1297.34, $1306.51, $1320.75, $1328.64, $1333.72
Important Data Released Today:
1. Asset Purchase Facility - GBP
2. Official Bank Rate - GBP
3. MPC Rate Statement - GBP
4. Minimum Bid Rate - EUR
5. ECB Press conference - EUR
6. Advance GDP q/q - USD
- If actual data is greater than forecasted data (2.0%), it is good for currency and also impact the gold price negatively
7. Unemployment Claims - USD
- If actual data is less than the forecasted data (336k) , it is good for currency and pressure the gold price to move downwards
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