Spot Gold | Thursday's Technical Analysis: <b>Spot Gold</b> | Live Trading News | News2Gold |
| Thursday's Technical Analysis: <b>Spot Gold</b> | Live Trading News Posted: 22 Jul 2015 11:56 PM PDT  Thursday's Technical Analysis: Spot Gold $GLD Gold declines gradually, while MA's showing Bearishness; particularly the 20-Day SMA, which broke through 127.2% Fibo mark at 1117.40. Trading below 1117.40 is a negative indicator accompanied with negativity on ADX. A break below 1086.00 is needed to validate the Bearish direction. Support: 1086.00, then 1080.00, then to 1075.00 Resistance: 1100.00, then 1118.00, then to 1130.25 Direction: South
India, the world's 2nd-biggest Gold buyer after China, imposed the import restrictions last year to avert a trade deficit crisis that pushed the Rupee to record lows. "Restrictions placed on import of Gold… stand withdrawn with immediate effect," India's central bank said in a statement on Saturday, 29 November. Support for Spot Gold comes from jewelry demand from India in the lead up to and during the wedding season, which started in late September. India did record a 176% increase in Gold imports in August to US$2-B from about US$756-M. Overall, the impact of wedding season Spot Gold buying has faded in recent times as India is no longer the world's largest Gold consumer, partly because of the on-going government import restrictions on precious metals. If they are further relaxed, perhaps India will regain its Top spot. India's Akshaya Tritiya festival considered by India's more than 900-M Hindus as an auspicious day to buy Gold and Silver, fell on 21 April this year. Bullion is bought in India during festivals and marriages as part of the bridal trousseau or gifted in the form of jewelry by relatives. Live Trading News is your best resource for investing in equities, foreign exchange, Gold, Crude Oil and other commodities. Live Trading News is a news service featuring analysis and trend alerts powered by the Thomson Reuters Products and HEFFX, the site updates 24/7 and is a must read for traders and investors, we cover the full range of investment sectors covered by HEFFX Stay tuned… HeffX-LTN Paul Ebeling The following two tabs change content below.   Paul Ebeling is best known for his work as writer and publisher of "The Red Roadmaster's Technical Report" on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984. Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.  |
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2 Comment for "Spot Gold | Thursday's Technical Analysis: Spot Gold | Live Trading News | News2Gold"
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