Tuesday, November 27, 2012

GOLD

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

Followers

Subscribe via email

Enter your email address:

Delivered by FeedBurner