AUG 20
Day gold trading : Buy 1613 or better
One move lower to 1612.22 or 1608.04 is anticipated while below 1618.34 - 1620.43 area. Stop loss above 1624.47 zone.
Technical points
Key point 1,622.4000
Entry point 1,620.9000
Elliott 1,590.1200
Closing 1,616.3900
Projection 1,626.6100
Trendline 1,614.7100
Trendline 1,623.2200
Supports / Resistances
Res 2 1,624.4700
Ex-High 1,620.2900
Res 1 1,620.4300
Pivot 1,616.2500
Sup 1 1,612.2200
Ex-Low 1,612.0800
Sup 2 1,608.0400
Gold Fundamental Analysis August 20, 2012 Analysis and Recommendations:
Gold is trading at 1614.65. Gold prices in the international markets rose around 0.2 percent today mainly on the back of rising speculations that major central banks from China to US might take steps in order to accelerate the waning global economic growth. However, sharp gains were capped due to a stronger dollar.
Improving sentiments in the global markets and risk appetite after German Chancellor Angela Merkel supported the European Central Bank’s efforts to deal with the Euro Zone debt crisis helped base metals complex to trade higher on the LME with aluminum and nickel being an exception. Moreover, favorable economic data from the US also supported prices.
US jobless benefits fell near to a four year low yesterday but weakness in factory orders show a moderate growth. At the same time, as per World Gold Council, global demand for gold fell by 7 percent to its lowest level in more than two years in the second quarter due to drop in purchase by major consumers India and China. Substantial decrease in jewelry and investment demand has been recorded in the period. Indian demand tumbled 38 percent while Chinese demand plunged by 7percent in this period. However purchases by central banks have posted an unexpected rise in the quarter to 157.5 tones.
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
