The price of gold was able to advance more than $10 an ounce during European trading yesterday, as risk taking due to positive comments from the head of the IMF caused investors to shift their funds to riskier assets. The precious metal traded as high as $1774.63 during the mid-day session before staging a slight downward correction to stabilize around $1770.
Today, gold traders will want to pay attention to news out of the US, specifically the PPI and UoM Consumer Sentiment figures at 12:30 and 13:55 GMT, respectively. Any better than expected data could lead to additional risk taking among investors, which would help gold extend yesterday’s upward momentum.
| GOLD (Spot) intraday: the bias remains bullish. |
Pivot: 1757.00
Our Preference: LONG positions above 1757 with 1779.5 & 1787 in sight. Alternative scenario: The downside penetration of 1757 will call for a slide towards 1753 & 1746. Comment: the RSI is above its neutrality area at 50%. |
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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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