GOLD
Gold was badly beaten by fundamental news driven by Putin (Geo- political issue, Ukraine crisis) and Federal chairwoman comments strengthened the US dollar. The U.S. dollar rose slightly against a basket of currencies, though it remained near a six-month low.
In yesterday's trading session, gold was beaten by fundamental news and supported by the technical level (61.8 fib). For today's trading session gold mode was shifted to "pull back" and on a positional basis sell on rally until it crosses $1,330.70. In Asia the metal was trading at $1,289 levels.
On the down side, the metal has strong support at $1,284.70 levels. The next round of selling will be placed only below $1,284 for $1,280, $1,277 and $1,273.80 levels. We are pretty much sure for the pullback call from the cmp or even buy on today's dip. We will sell again at higher levels may be tomorrow or next Monday. On the upside, the metal is facing strong resistance levels at $1,292, above that it will zoom to $1,297.60, $1,300 and $1,302 levels. Safe traders can buy on the dip or above $1,292. In case if any bad fundamental news driven during today's trading session, the metal will dip to a limited space at this level traders can buy on an hourly or intraday basis.
Recommendations-
Buy at cmp $1,289.50 or even dip for $1,292, $1,297.60, $1,300, $1,302 and $1,304.30 levels.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of gold for May 08, 2014 . Thanks for your support on Technical analysis of gold for May 08, 2014
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