I can’t see a favorable opening for a deal right now. Therefore, I’ll wait to see which of the variants is the right one.
If you were to give me a choice think I’d pick the red arrow. Watch for any dollar bulls.
I can see an excellent entrance to the XAU/USD market after reaching the 1104.15 level. The price will go down.
Here’s a bold trading recommendation to go SHORT and then reverse and go LONG the gold market, as a play on the Fed’s expected December 16 interest rate hike.
This recommendation comes from an analyst named Jay Goldman.
(With a name like that, he must know what he’s talking about, right?)
His article appeared in [I]Finance Magnates[/I] on Friday. — Going For Gold
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Edit:
Correction — the low (1046.18) printed for the week of November 29 is the lowest low in [B]70 months.[/B]
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The price bounced from 1068 due to given VSA volatility, however, my view is bearish given the expiry week.
Good article in [I]Finance Magnates[/I] on current gold fundamentals and technicals —
Gold Decouples from Dollar Amid Haven Flows | Finance Magnates
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[B]GOLD IS TRADING RANGEBOUND[/B]
In this season of extreme panic and nervousness in equities and commodities, gold is seen enjoying the safe have bids. In the scenario where investors are looking out for this non-interest bearing asset but its upside is capped due to slowdown in demand for the physical gold from the major consumers-India and China. :31:
The upward momentum is limited in this commodity as no breakout can be seen on either of the sides.
Till the time equity markets are playing under havoc, the bullion might roar ahead, as the economic figures and monetary status is not showing any sign to recover now. And Also oil market have fallen more that aby investor would have expexted one year back from now. For gold i am watching the price level to touch $1180 till the time equities rebound.
Well, the asset moves as I’ve predicted. I think that I can earn even more on XAU/USD! Definitely, the show must go on =)
From my BLOG
Australia agrees with Goldman Sachs on gold
Gold has moved in a $75 range for nearly two months now as shown on the chart as shown above. Goldman Sachs have a bearish view, contrary to many, predicting $1000 by the year end Are Goldman correct on gold? . On Friday, Australia’s Department of Industry joined them in their bearish view predicting $1105 in 2017 and by 2021, $1003. Australia, who are the second largest gold producer in the world, suggest that increasing interest rates lower the appeal of gold by making other assets more attractive, and expect that the dollar will rise as capital flows into the U.S. seeking higher returns. Australia expect their gold production to continue to rise until 2018/19.
Gold rallies, but it may find it difficult to break above the 200 week EMA. To the downside, the 1200 level could still act as support.
The 200 week EMA has proven to be a good resistance zone for gold and the precious metal may drop again into the congestion area.
