Gold

gold price tries knock on the door of further bearish correction through further bearish pressure which puts him at 1731.00, while waiting for daily closing and clear without the mentioned level to confirm the further decline or above 1762.00 for the return of the general tendency to bullish price.

Gold futures traded lower in European trade Friday as mixed U.S. economic data on Thursday combined with anticipation over the outcome of the Brussels meeting weighed on the yellow metal.

On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at USD1734.75 a troy ounce during European trade falling 0.59%.

It earlier traded at a session low USD1736.85 a troy ounce. Gold was likely to find support at USD1730.15 and resistance at USD1754.95.

Starting the conflicting data on Thursday, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 7.6 points to 5.7 in October from September’s reading of minus 1.9.

Analysts had expected the index to improve by 2.9 points to a reading of 1.0 in October.

The report came after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week rose by 46,000 to a seasonally adjusted 388,000, compared to expectations for an increase of 23,000 to 365,000.

The previous week’s figure was revised up to 342,000 from a previously reported 339,000, which was the lowest reading since February 2008.

Meeting on Thursday in Brussels, European leaders made some progress towards establishing a single banking supervisor for the currency bloc, but, as expected, talked little about immediate plans for debt-ridden problem members, Spain and Greece.

Investors are anticipating the outcome of the second day of talks with much speculation of the results.

The stronger U.S. dollar also added to the commodity bearishness on the session.

US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, advanced 0.11% to trade at USD79.50.

Elsewhere on the Comex, Silver for December delivery plunged 1.48% to trade at USD32.383 a troy ounce while Copper for December delivery gave back 1.27% to trade at USD3.695 a pound.

although the outline said that gold is always the potential to go up, but in 2 days it has been shown that gold to further reduce the bias of the uptrend going, because it's a long-term sell signal for gold

Technically, gold is still going to move down correction, the current state of gold is reaching key support at 1735 prices. Break down those levels then gold will go to 1714 price levels.

Gold fell heavily in a place with other metals, the trend has really changed, now you can catch a lot of the small northern correction until the sale lick late, gold can safely expect about 1700, while it is the strongest level of support.

Gold prices dropped in U.S. trading on Friday after investors stocked up on the precious metal's hedge, the dollar, in wake of soft housing data and a lack of direction on Spain and its plans to request a bailout or not.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 1.21% at USD1,723.65 a troy ounce, up from a session low of USD1,716.95 and down from a high of USD1,744.25 a troy ounce.

Gold futures were likely to test support at USD1,716.95 a troy ounce, the earlier low, and resistance at USD1,744.25, the earlier high.

A risk-off trading session sent gold falling.

U.S. existing home sales fell in September but in line with expectations, industry data revealed on Friday.

In a report, the National Association of Realtors said that home sales fell 1.7% to 4.75 million from 4.83 million in August, whose figure was revised up from 4.82 million.

Analysts had expected existing home sales to fall to 4.75 million last month.

While in line with expectations, the report stoked bearish sentiments on Wall Street and sent investors chasing the dollar, ditching higher-yielding currencies and gold in the process.

Earnings fueled the risk-off trading session even more.

Microsoft reported late Thursday that its third-quarter net income fell 22% to USD4.47 billion, which missed expectations, while revenue fell 8% on year to USD16.01 billion.

General Electric, meanwhile, reported earlier that its third-quarter net income rose 8% to USD3.49 billion, while revenue rose 3% to USD36.35, missing market expectations.

"The global economy is uncertain, and we are prepared for a variety of economic outcomes," GE CEO Jeffrey Immelt said in a statement.

"We will continue to invest to win in our markets, while aggressively managing our overall cost structure."

Search giant Google released earnings earlier than planned late Thursday, which sparked confusion, and missed estimates as well.

Uncertainty out of Europe pressured the yellow metal down as well.

Meanwhile in Europe, Spanish Prime Minister Mariano Rajoy said his government felt it was under no pressure to seek a bailout, which pushed the euro down further.

Requesting financial assistance would allow Spain to tap the European Central Bank's bond-buying program, which would lower yields in Spanish government debt auctions and ease credit conditions in the country.

Meanwhile, E.U. policymakers were wrapping up a summit in Brussels, and while hopes began to build the currency zone may be coming closer to setting up a banking union, no word on Spain kept investors in the safe-haven dollar and away from gold.

Elsewhere on the Comex, silver for December delivery was down 2.21% and trading at USD32.142 a troy ounce, while copper for December delivery was down 2.84% and trading at USD3.637 a pound.

GOld Next Week
Elliott: elongated flat correction down 1707.13
It may meet resistance in 1722.40 - 1730.73 zone for a drift down to 1707.83 zone, after which bounce to 1745.29 is anticipated.
Warning: Imminent end of bearish move
Technical points
Key point 1,709.8900
Entry point 1,724.9300
Elliott 1,796.0000
Closing 1,722.4000
Projection 1,700.1400
Trendline 1,752.3000
Trendline 1,732.4500
Supports / Resistances
Res 2 1,768.1900
Ex-High 1,753.6300
Res 1 1,745.2900
Pivot 1,730.7300
Sup 1 1,707.8300
Ex-Low 1,716.1700
Sup 2 1,693.2700

like gold in the same Makarov will grow in the opposite direction .. looms channel down ... now closed the trading week at 1720, which was previously worked well ... so I think that the breakdown of the entry will open the way down to the lower 1680 ...

GOLD
BUY above = 1752.93 UPPER TARGET = 1756
SELL below = 1749.89 LOWER TARGET = 1746.80

Elliott: extension wave down 1707.57
One more dip to 1719.28 - 1711.20 is likely followed by a grind higher to 1732.97 - 1738.57. After which it can resume its downtrend.
Warning: Imminent end of bearish move
Technical points
Key point 1,717.7000
Entry point 1,730.6400
Elliott 1,753.6300
Closing 1,722.4000
Projection 1,713.4400
Trendline 1,745.0700
Trendline 1,734.7700
Supports / Resistances
Res 2 1,754.7400
Ex-High 1,743.5400
Res 1 1,738.5700
Pivot 1,727.3700
Sup 1 1,711.2000
Ex-Low 1,716.1700
Sup 2 1,700.0000