Gold

[raihan8212]

Gold prices rose on Monday on hopes central banks around the world will loosen already very loose monetary policies if the global economy fails to pick up.

The Federal Reserve announced last week it was making no changes to its benchmark interest rates and added monetary policy will likely stay loose for some time to come.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.18% at USD1,715.05 a troy ounce, up from a session low of USD1,714.45 and down from a high of USD1,716.55 a troy ounce.

Gold futures were likely to test support at USD1,701.45 a troy ounce, Friday's low, and resistance at USD1,719.35, Fridays' high.

In the U.S., the Federal Reserve announced earlier that it left interest rates near zero and monetary policy unchanged, pointing out that elevated unemployment rates and headwinds from abroad merit ongoing asset purchases from banks, a monetary policy tool known as quantitative easing that weakens the dollar, gold's traditional hedge.

The U.S. central bank emphasized it will continue intervening until the economy and labor market improve.

"If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability," the Fed said in a statement.

Investors took their time digesting the report and concluded the decision will keep the dollar weak for some time to come.

Other paper currencies should remain weak as well, including the yen, as market talk has begun to build that the Bank of Japan will move to stimulate its economy as well.

The European Central Bank and the People's Bank of China have said they might roll out measures in varying degrees of intensity to prop up their respective economies, which would likely weaken paper currencies, a recipe for rising gold prices.

Elsewhere on the Comex, silver for December delivery was up 0.29% and trading at USD32.130 a troy ounce, while copper for December delivery was down 0.13% and trading at USD3.554 a pound.

[roncos]

today's price headed to $ 1,718.40 in the first resistant
will continue to $ 1,723.05, while the first support at $ 1,708.85
and next to $ 1,706.58.

[romannil]

Gold technical analysis for 29.10.2012 by using : Auto pivot indicator.

resistance 3:1736.53
resistance 2:1727.17
resistance 1:1718.83

pivot point :1709.47

support 1:1701.13
support 2:1691.77
support 3:1683.43

[Bieela_cute]

Elliott: irregular flat correction up 1723.14
Currently uptrend should end around 1715.58 - 1720.47 area. A correction down to below 1702.47 is expected. A rise above 1728.68 will abort the expected correction.
Warning: Engulfing pattern
Technical points
Key point 1,714.6500
Entry point 1,707.7600
Elliott 1,700.8800
Closing 1,712.2700
Projection 1,718.8900
Trendline 1,709.8700
Trendline 1,709.8700
Supports / Resistances
Res 2 1,728.6800
Ex-High 1,718.8900
Res 1 1,720.4700
Pivot 1,710.6800
Sup 1 1,702.4700
Ex-Low 1,700.8800
Sup 2 1,692.6700

[waqar arif]

I think that the gold would move up from ther resistance level of arount "1688" it would definitly move up from there.
and further the stop loss should be placed at the 1680 ........!!





Gold would move up definitely

[amni570]

GOLD Elliott Wave
Since our last analysis Gold was trading in a downward move, impulsive wave 5 (coloured blue) of the bigger wave (C) (coloured green) was developing. Yesterday during the European session we could observe descending movement from 1,729.38 towards the 1,705.38 level. Therefore, during the New York session we could...

[mdjoy16]

i closed my buy order and just watching the movement, waiting for some good entry if its able to hit the 1540 level then we see some quick raise. good like forex forum good

[Bieela_cute]

GOLD next week

Elliott: elongated flat correction down 1700.14
It may meet resistance in 1712.27 - 1713.73 zone for a drift down to 1697.24 zone, after which bounce to 1728.76 is anticipated.
Technical points
Key point 1,710.0600
Entry point 1,707.4900
Elliott 1,796.0000
Closing 1,712.2700
Projection 1,700.1400
Trendline 1,723.9100
Trendline 1,705.3000
Supports / Resistances
Res 2 1,745.2600
Ex-High 1,730.2300
Res 1 1,728.7600
Pivot 1,713.7300
Sup 1 1,697.2400
Ex-Low 1,698.7100
Sup 2 1,682.210

[ahsan.javed27]

hold your gold positions uptil january-february and you will see a huge uptrend in gold the prices will rise to a very high extent so i recommend a buy position for long time investors and i assure that the profit would be very high what you say other members

[hodhod2000]

The trading range for today is expected among the key support at 1690.00 and key resistance now at 1750.00.
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1520.00 remain intact with a weekly closing.