Spot Gold | Friday's Technical Analyisis: <b>Spot Gold</b> | Live Trading News | News2Gold |
| Friday's Technical Analyisis: <b>Spot Gold</b> | Live Trading News Posted: 12 Sep 2014 12:53 AM PDT  Friday's Technical Analyisis: Spot Gold Spot Gold closed lower Thursday. The low range close sets the stage for a steady to lower opening when Friday's US session opens. Stochastics and the RSI are oversold and are turning Bullish indicating that sideways to higher prices are possible near term. Closes above the 20-Day MA crossing are needed to confirm that a short term low is in. If Spot Gold renews this month's decline, the August low crossing is the next Southside target. In the Asian session, at GMT0300, Gold is trading at 1234.7, at 0.59% lower from Thursday's close. Spot Gold is expected to find 1st support at 1228.06, a break there could push it to the next support at 1221.43. The precious Yellow metal expected to find it 1st resistance at 1246.06, a break there could drive it to the next resistance at 1257.43. Spot Gold is trading below its 20 Hr and 50 Hr MAs. Support: 1228.06, 1226.60 Resistance: 1246.06, 1250.80, 1252.15, 1260.90, 1262.65 Recommendation: expectations negative below 1250.00, risk-limit above 1262.65 Note: a potential source of support for Gold in the near-term may come from jewelry demand from India in the lead up to and during the wedding season, which unofficially starts later this month. But, the impact of this has faded in recent times as India is no longer the world's largest Gold consumer, which is partly because of the on-going government import restrictions on precious metals. 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.  |
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1 Comment for "Spot Gold | Friday's Technical Analyisis: Spot Gold | Live Trading News | News2Gold"
We here at Epic research expect gold and silver prices to trade sideways as investor’s appetite to hold the precious metals will decline if the FED policy meeting due on 17th September will provide hints on hike in interest rates while nothing on interest rates will boost the prices