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Gold Taking Breather After Rallying Yesterday

ByAvaTrade
AuthorAvaTrade
Published 01/04/2013, 06:28 AM
Updated 02/02/2022, 05:40 AM
Fundamental Analysis

Yellow metal is trading lower on Thursday by fading the effect of fiscal cliff deal due to which shinning metal made its high yesterday since December 18. Investors have started to weighing the consequences of this fiscal cliff which could mean more monetary easing policy by government. According to Filip Peterson who is commodities strategist at SEB AB “Gold does not know which foot to stand on and primarily tends to track risky assets in general,” he also added today’s mixed session is down to “fiscal cliff-euphoria” Bloomberg reported.

Shinning metal is also facing some headwinds by analyst where Credit Suisse is cutting its gold price target for 2013 to 1740 from 18140 according to Bloomberg. More pressure is coming from yesterday rumours about Indian government who is considering to increase the duties on shinning metal by saying "The aim is to tackle the country's record-high current account deficit, for which - according to India's central bank - gold imports are roughly 80 percent to blame." Reuters reported.

Technical Analysis
Comment: Pay attention to its ascending channel which is still intact
Pivot: 1680

1709 61.8% Fib retracement
1702 Intraday resistance
1694 50% Fib retracement
1681.20 Last
1680 Intraday pivot point
1668 Intraday support
1659 Intraday support

DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

by Naeem Aslam

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