Trading price of gold for a fourth day near the support area at $ 1084-1088 where we are witnessing a decrease in the downward momentum that began in mid-October and boosted by a strong jobs report in the United States who re-shuffle all the cards about the date for lifting US interest rates. This coincides with the release of the reports of gold demand for the third quarter of the World Gold Council. The report pointed out that gold is still my favorite of reserve assets in the third quarter, the market has record a large amount of purchases by central banks. There is no doubt that the impact of the US dollar move on the price of gold was of great importance in recent times despite the fact that the largest consumers went in the world, India and China have registered high on demand for up to 268.0 tons to India in exchange for 239.3 tons to China which is equivalent to a rise of 13% from the third quarter 2014. The market focused on the US interest rate, where the majority of analysts are speculating on the Federal Reserve to raise interest rates at the next meeting, which puts the price of gold under the pressure of US dollar strength in case that happened.
Technically, the yellow metal is still at the support area that has been tested the last time in January 2010 for more than five years, this region remains under surveillance in case of any bounce or break this level. So far it lacks the daily chart, referring to any height or even any indication of decline due to decrease in bearish momentum. Continuation of the trading price is below the level of US $ 1100 per ounce gold put under bearish bias.
Strategy today on Gold Prices
Selling below the level of US $ 1096 with a primary goal at the centers in 1082 and 1079 as the target line Next.
Pivot Point: 1096 USD
Baseline scenario: Sell below the level of US $ 1 096 centers with a primary goal when in 1082 and 1079 as the target line Next.
The opposite scenario: above the level of US $ 1096, can search for increasingly high with 1103 and 1111 line as core goals.
Comments: As long as US $ 1096 line is the resistance line, the price can continue in the bearish bias.
Support and resistance lines
1072,00 | 1079,00 | 1082,00 | 1088,00 | 1096,00 | 1103,00 | 1111,00 |
