Daily chart for Gold
Gold prices were moderately higher in the Asian morning today but on low volumes. This is on the back of holidays in Hong Kong, China and India. Gold had a relatively flat to positive session overnight post economic data from the US led traders to sell the dollar and take some profits off the table. There was an equally large sell off witnessed in equities overnight which led many to position themselves in the relatively risk off trade in gold.
The Institute of Supply Management reported that manufacturing activity in the US economy slowed down to 56.6 in September from 59 in August. The construction spending also slowed down in September raising questions about the underlying strength of the actual recovery. There was also scare about the first Ebola patient being identified in the US, which led investors to hedge all their bets by taking positions in the precious metal at least for the near term. Traders and investors would now shift focus to the ECB meeting on Thursday and the nonfarm payroll data to be released on Friday to get future course of direction for the precious metal.
Gold continues to be in a strong downtrend on the daily charts. It is currently facing resistance at the downward sloping trend line and only a move above the resistance zone would signal a reversal in the near term. The support for gold prices continues to remain near $1200. The momentum indicator for gold is showing first signs of a reversal, which is indicative of buying interest returning to the precious metal. Gold prices remain to trade below all-important daily moving averages.
Short Gold if it closes below $1205 with a short term target at $1180
Long Gold at current levels with an intermediate target at $1242
Success = few pips, thousand times
Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm
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