Gold (13.01.2014) reversed from the very potential support area of $1208-1180 and now trading between minor support and resistance area which will decide the future direction for shot term.
Now gold is trading around $1245 and as we can see on the chart, it is reaching to the minor parallel resistance area at $1254. we have witness a major bull bear fight in this $1217 - $1254 range earlier and it may be more interesting this time. However the upside move was well supported by an triangle breakout as shown in chart. At the same time RSI above 50 mark showing positivity.
On the fundamental side, last week's NFP data came in much weaker than expected. This might force FOMC to rethink before another tapering on the Jauary 29, 2014 meeting. .
Based on above studies, we will prefer to buy gold on a volume breakout above $1254 and we will be looking at $1270 as our 1st target and then probably for $1293. A day close below $1217 will force us to reanalyze the charts. Original post
Disclaimer: www.mantracommodity.blogspot.in do not take any compensation of any kind whatsoever from any Commodity that they mention on this blog. All data and reports at www.mantracommodity.blogspot.in are only information services for investors and are not individualized recommendations to buy or sell Commodities, nor offers to buy or sell Commodities. The publishers of reports, reviews and analysis under www.mantracommodity.blogspot.in are not acting in any way to influence the purchase or sale of Commodities. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness or as to the results obtained by individuals using such information. It is possible at this or some subsequent date, the publishers of reports, reviews and analysis at www.mantracommodity.blogspot.in may own, buy or sell Commodities presented.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.