Tuesday, November 27, 2012


Gold – Gold Turns Bullish Following Dollar Losses

Gold was able to capitalize on a drop in the value of the US dollar on Friday following an increase in confidence in the euro-zone economic recovery. A bearish dollar means that gold becomes cheaper for international buyers, and often results in an increase in prices. The precious metal was able to advance close to $20 an ounce during afternoon trading before closing out the week at $1751.41.

This week, gold traders will want to continue monitoring developments in the euro-zone and their impact on risk appetite in the marketplace. Should any news be released that would indicate the EU recovery is advancing at a quicker than expected rate, the price of gold could advance higher as a result.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1735.00
Our preference: LONG positions above 1735 with 1757 & 1765 as next targets.
Alternative scenario: The downside breakout of 1735 will open the way to 1728 & 1722.
Comment: the RSI has just landed on its neutrality area at 50% and is turning up.

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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