I SOLD GOLD AT 1967 STOP 1975
Gold Jan 30 SPOT PRICE Weekly bull/bear pivot =1668-1672 (ideal 1669)
Daily bull/bear pivot = 1660-1664 (ideal 1662)
1st resist = 1669-1673 & 2nd resist = 1677-1679
"In the short run, gold is still going to drift without much conviction,
though over the longer term it is still facing very heavy pressure on the upside."
Plunge In Consumer Confidence Blamed On Fiscal Cliff
Gold and Silver bullion prices are higher on Tuesday, as the price to invest in Gold climbed to $1,661.50 an ounce, and the price to invest in Silver rose to $31.21 an ounce, on bargain hunting and short covering on day one of the Federal Open Market Committee (FOMC) meeting as investors await the Fed's latest policy decision on Wednesday. "This week's FOMC meeting and US non-farm payrolls [on Friday] will be key in setting Gold's price trajectory," said Barclays Capital in a note.
The Conference Board reported on Tuesday that the consumer confidence index plunged over eight points in January to just 58.6, its lowest level since November 2011. Consumer confidence has fallen for the past three months in a row, after reaching a five year high in October 2012 of 73.1. Lynn Franco, of the Conference Board, said the expiration of the temporary reduction in the Social Security tax was the key factor, for the decline in consumer confidence in January. "It may take a while for confidence to rebound and consumers to recover from their initial paycheck shock," said Franco.
Workers earning $50,000 a year, will see their take-home pay shrink by $1,000 this year. Joshua Shapiro, of MFR Inc., also blames the divisions among lawmakers over spending cuts and tax increases for the sharp drop in consumer confidence. "All the negative news about the dysfunction in Washington surrounding the fiscal cliff negotiations contributed to the December plunge, and ongoing shenanigans concerning the debt ceiling and fiscal sanity in general continued to weigh in January," said Shapiro.
Meanwhile, Representative Paul Ryan, of the House budget panel, said on the NBC program "Meet the Press," on Sunday, "I think the Sequester is going to happen." The Sequester is another fiscal shock, created by Congress, and consist of $1.2 trillion in automatic spending cuts that were passed by lawmakers in 2011 and take effect on March 1. The Sequester will cut the Pentagon’s budget by $600 billion and slash discretionary spending by another $600 billion, and could push the economy into another recession.
INVATA SA TRANZACTIONEZI GRATIS PIPSI IN FOREX
I SOLD GOLD AT 1967 STOP 1975
Gold Jan 30 SPOT PRICE Weekly bull/bear pivot =1668-1672 (ideal 1669)
Daily bull/bear pivot = 1660-1664 (ideal 1662)
1st resist = 1669-1673 & 2nd resist = 1677-1679
"In the short run, gold is still going to drift without much conviction,
though over the longer term it is still facing very heavy pressure on the upside."
Plunge In Consumer Confidence Blamed On Fiscal Cliff
Gold and Silver bullion prices are higher on Tuesday, as the price to invest in Gold climbed to $1,661.50 an ounce, and the price to invest in Silver rose to $31.21 an ounce, on bargain hunting and short covering on day one of the Federal Open Market Committee (FOMC) meeting as investors await the Fed's latest policy decision on Wednesday. "This week's FOMC meeting and US non-farm payrolls [on Friday] will be key in setting Gold's price trajectory," said Barclays Capital in a note.
The Conference Board reported on Tuesday that the consumer confidence index plunged over eight points in January to just 58.6, its lowest level since November 2011. Consumer confidence has fallen for the past three months in a row, after reaching a five year high in October 2012 of 73.1. Lynn Franco, of the Conference Board, said the expiration of the temporary reduction in the Social Security tax was the key factor, for the decline in consumer confidence in January. "It may take a while for confidence to rebound and consumers to recover from their initial paycheck shock," said Franco.
Workers earning $50,000 a year, will see their take-home pay shrink by $1,000 this year. Joshua Shapiro, of MFR Inc., also blames the divisions among lawmakers over spending cuts and tax increases for the sharp drop in consumer confidence. "All the negative news about the dysfunction in Washington surrounding the fiscal cliff negotiations contributed to the December plunge, and ongoing shenanigans concerning the debt ceiling and fiscal sanity in general continued to weigh in January," said Shapiro.
Meanwhile, Representative Paul Ryan, of the House budget panel, said on the NBC program "Meet the Press," on Sunday, "I think the Sequester is going to happen." The Sequester is another fiscal shock, created by Congress, and consist of $1.2 trillion in automatic spending cuts that were passed by lawmakers in 2011 and take effect on March 1. The Sequester will cut the Pentagon’s budget by $600 billion and slash discretionary spending by another $600 billion, and could push the economy into another recession.
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.
King Regards
