Gold prices rise for the second consecutive time this week, supported by the decline in global stock indices, where the Chinese could SHANGHAI COMPOSITE index to decline by -6.42% during the Asian session to hit since the beginning of the year to date losses amounted to -23.04%. Decline in global equities in turn led to increased demand for the price of gold as a safe haven, where the yellow metal is trading at its highest level since the three months to coincide with the increasing fears of a global economy and the sharp fall in crude oil prices.
Despite the high US dollar index, which would put pressure on gold, we are also seeing rising yellow metal taking advantage of its role as a safe haven in periods of fears and tensions. Promotes high prices declining stocks and lower crude oil prices. On the other hand, are waiting for the first meeting of the US reserve is expected to be not raise interest rates at this meeting, but will watch market journalist to be issued after the meeting statement, any indication of changes in the pace of raising interest rates this year could put pressure on the dollar US supports gold.
Today's strategy on Gold Prices
Purchasing centers above the level of US $ 1106.5 with a primary goal when in 1123 and 1128 as the target line Next.
Pivot Point: 1106.5 USD
Baseline scenario: buying centers above the level of US $ 1106.5 with a primary goal when in 1123 and 1128 as the target line Next.
The opposite scenario: below the level of US $ 1106.5, can search for increasingly lower with 1099.3 and 1093.5 line key targets.
Comments: Supports RSI line upward trend.
Diagram 30 minutes for the price of gold
Support and resistance lines
1093.50 3 support line
1099.30 Line supports 2
1106.50 Support 1 line
1114.52 Current price
1123.00 Line resistance 1
1128.00 Line resistance 2
1135.00 Line resistance 3
