empty
 
 
31.01.2014 10:42 AM
Fundamental analysis of Gold for January 31, 2014

Fourth-quarter GDP data validates the Federal Reserve's decision to taper its asset purchases, boosting hopes for a strong 2014. The commerce department said US GDP grew at a seasonally adjusted annual rate of 3.2% in the fourth quarter. Dow Jones rose 156 points on Thursday. US equities soared over 1% on strong GDP data. The USD strengthened and came back of equity market making gold drop 2%. After the currencies rebounded, gold traders stated selling off the metal. SPDR gold trust holdings stood at 792.56 tonnes. The South African labour court on Thursday declared a planned Association of Construction and Mineworkers Union strike in the gold sector. The risk of gold is that it becomes more vulnerable to the downside during this quarter period for physical demand. In India, uncertainty remains with regards to regulations. Gold premiums in India came off noticeably shortly after recent headlines highlighted the possibility of gold import rules changing in the coming months.

In the technical front, gold broken the falling lower trend line. Price is trading below 21DEMA and oscillators are still on the sell side in the daily charts; thus, we expect more room for down side. In the hourly chart, oscillators gave a pullback signal. Gold rebounds from oversold positions.

Support- $1,237, $1,230

Resistance- $1,248 $1,255

This image is no longer relevant
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $10000 más!
    ¡En Enero, sorteamos $10000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback