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So, keep watching. May be it will be chance to sell from 1243-1245 area. But as we've said - it is unclear yet, what it will be - reversal, or just minor retracement
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According to Reuters news Gold retained overnight gains on Tuesday to
trade near its highest in four weeks as investor appetite for riskier
assets eased amid global growth worries, while a softer dollar also
underpinned prices of the metal.
A sell-off in the stock markets saw gold-backed exchange-traded funds (ETF) attracting investors for the first time in a month after heavy outflows.
"(Our) gold exchange-traded products saw their first inflows in a month as dovish Federal Open Market Committee minutes led to dollar weakness, while weak German data renewed interest in the hard defensive assets," said Danny Laidler, head of the ETF Securities' Australia & New Zealand operations.
"Last week's bounce (in gold) could trigger a short-covering rally helping to sustain momentum in the upward trend," he said.
The firm saw inflows of $18.3 million last week into gold exchange traded products, while the top gold ETF SPDR Gold Trust saw an inflow of 1.79 tonnes on Monday - its first inflow since Sept. 10.
The inflows come as Fed officials expressed concern that a sharp slowdown in the global economy could delay an increase in U.S. interest rates, according to minutes of the latest Fed meeting released last week.
Those remarks followed soft industrial data out of Germany, the euro zone's biggest economy, and lowered global growth forecasts by the International Monetary Fund last week.
Gold posted its best week in nearly four months last week, as the dollar fell after a 12-week winning streak.
The metal could gain further as a selloff in global equities sent Japanese stocks skidding to two-month lows on Tuesday on heightened concerns about the health of the world economy, triggering demand for safe-havens such as U.S. bonds, bullion and the Japanese yen.
The technical picture for gold also looks bullish , said traders, who expect sharp gains after a solid break above $1,240.
Technically gold shows some signs of exhausting. Currently it is not clear - whether it will to downward continuation or just to downward retracement, but somewhere around 1240-1250 market could drop...
On daily chart we see strong resistance area around 1250-1260 - daily overbought and K- resistance . As we know, completion of AB=CD could lead to 0.382-0.618 retracement and still keep chances on downward continuation. Here we have just first level, others are not as interestin for us, since they stand beyond daily OB area:
A sell-off in the stock markets saw gold-backed exchange-traded funds (ETF) attracting investors for the first time in a month after heavy outflows.
"(Our) gold exchange-traded products saw their first inflows in a month as dovish Federal Open Market Committee minutes led to dollar weakness, while weak German data renewed interest in the hard defensive assets," said Danny Laidler, head of the ETF Securities' Australia & New Zealand operations.
"Last week's bounce (in gold) could trigger a short-covering rally helping to sustain momentum in the upward trend," he said.
The firm saw inflows of $18.3 million last week into gold exchange traded products, while the top gold ETF SPDR Gold Trust saw an inflow of 1.79 tonnes on Monday - its first inflow since Sept. 10.
The inflows come as Fed officials expressed concern that a sharp slowdown in the global economy could delay an increase in U.S. interest rates, according to minutes of the latest Fed meeting released last week.
Those remarks followed soft industrial data out of Germany, the euro zone's biggest economy, and lowered global growth forecasts by the International Monetary Fund last week.
Gold posted its best week in nearly four months last week, as the dollar fell after a 12-week winning streak.
The metal could gain further as a selloff in global equities sent Japanese stocks skidding to two-month lows on Tuesday on heightened concerns about the health of the world economy, triggering demand for safe-havens such as U.S. bonds, bullion and the Japanese yen.
The technical picture for gold also looks bullish , said traders, who expect sharp gains after a solid break above $1,240.
Technically gold shows some signs of exhausting. Currently it is not clear - whether it will to downward continuation or just to downward retracement, but somewhere around 1240-1250 market could drop...
On daily chart we see strong resistance area around 1250-1260 - daily overbought and K- resistance . As we know, completion of AB=CD could lead to 0.382-0.618 retracement and still keep chances on downward continuation. Here we have just first level, others are not as interestin for us, since they stand beyond daily OB area:
On 1-hour chart we see upside AB=CD and 3-Drive "Sell" pattern right at the top of CD leg. Target of AB=CD coincides with culmination of 3-Drive. 3rd drive takes the shape of butterfly "Sell' Pattern. All these stuff coincides with WPR1:
So, keep watching. May be it will be chance to sell from 1243-1245 area. But as we've said - it is unclear yet, what it will be - reversal, or just minor retracement
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The Gold Price & Trend Predictions blog made for gold traders to find good news and to provide the traders with daily price predictions and to learn how to trade the Forex Market for free.Just pure learning! It will be of great fun.You can judge by yourself the quality of information that I will be giving you in my blog.UP TO 4.000$
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"All new clients signed up through this link will be entitled to Free FXTwit$ Premium Real Time Signals"
This signals are delivered thru whatsappp +6018.341.2014
I was trading with a lot of brokers, and recently moved to HiWayFx.
Amazing service
Amazing bonus
Unbeatable spreads, as low as 0 pips
No Dealing Desk (NDD) execution model.
No re-quotes from dealers, no dealer intervention & no execution delays
Trading during news allowed
Scalping allowed
Personalized technical and customer service support
Start trading with a minimum deposit of only $20
It is very important for to trade with fast order’s execution, I had opened Standard NDD Account And I was pleasantly surprised by the quality of order’s execution.
I trade with this broker within few weeks.
I like everything, so far.
I feel comfort and confidence with HiWayFx, this company always ready to help you in different situation (closing of the order, bonus conditions or just fast withdrawal). I don't have any problems with trading, even on news.
+40 734 277 757
https://www.facebook.com/LORDOFTRUTH
https://www.facebook.com/FollowTheRaw
https://www.facebook.com/groups/vantagefx/
http://lordoftruth.blogspot.com
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YOU ARE NEVER LEFT ALONE
Welcome to my blog where you can learn how to trade the Forex Market for free.The material is all created by myself and not copied from anywhere. There is a lot yet to come since there is a lot that you need to learn, and there is a lot that I need to share with you! So please just be patient – it will be worth it.You can judge by yourself the quality of information that I will be giving you . So just go now and start learning!
Below is a quick guide of how this website is structured, so you can find what you are looking for fast. Remember that I update the pages every day so either check back often.
In this section you will find quite a long article of what Forex is all about. If you are a beginner, this is a must read. It explains in detail what is required to start trading, what you should do and not, typical traps to avoid as a beginner and a lot of valuable information which you as a beginner must digest and learn prior opening any Forex account with real money.
In this section you will find your road map on how to become a real successful trader couple of months as from today.
In this section you will know the 3 major areas – Technical Analysis, Fundamental Analysis and Trading Physcology.
In this section you will find a gold mine of information about the technicalities of Forex. We will start from the very basics covering all the Forex jargon words which you will be hearing every day and we will be taking you up to the level required to finally learn to trade like a pro – technical analysis, also found in this section.
In this section you will see the tips that will help you stay away from crap forex products, which unfortunately the Forex market is invaded with.
This section has a very detailed article on how to avoid being scammed in this ruthless world of Forex. I will explain in detail six tips that you need to look for prior purchasing any products. Even though most of the time you may claim your money back,the time wasted is never returned. You should have used that time to learn how to trade! Read it!
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
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.
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.
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