| Trade Idea GOLD (Spot) intraday: bullish bias above 1724 |
Pivot: 1724.00
Our Preference: LONG positions above 1724 with 1747 & 1760 in sight. Alternative scenario: The downside breakout of 1724 will open the way to 1717.5 & 1710.5. Comment: a support base at 1724 has formed and has allowed for a temporary stabilisation. |
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Gold – Gold Comes Off 6-Month High
After risk taking in the marketplace drove the price of gold to a fresh six-month high in early morning trading, the precious metal proceeded to correct itself during the mid-day session yesterday. Gold fell from a high of $1746.86 an ounce to the $1725 level by the afternoon. That being said, analysts were quick to say that the downward correction may just be temporary, and that the overall trend is still bullish.
Today, gold may be able to recoup some of yesterday’s losses if the US dollar extends its recent bearish trend after the FOMC Statement at 16:30 GMT. A weakened dollar makes gold cheaper for international buyers, which typically results in the precious metal gaining in value.
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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