Gold

[raihan8212]

Gold futures edged higher during European morning trade on Thursday, hovering below the previous session�s high following the release of a pair of conflicting reports on Chinese manufacturing activity.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,724.35 a troy ounce during European morning trade, up 0.3% on the day.

Prices held in a tight trading range of USD1,718.45 a troy ounce, the daily high and a session low of USD1,711.25 a troy ounce. Gold futures fell to a seven-week low of USD1,699.65 a troy ounce on October 24.

Gold prices were likely to find support at USD1,688.85 a troy ounce, the low from September 7 and resistance at USD1,730.35, the high from October 23.

The state-affiliated China Federation of Logistics and Purchasing said earlier that its purchasing managers� index rose to a three-month high of 50.2 in October from September's 49.8. A reading above 50.0 signifies expansion.

A separate report from HSBC showed that manufacturing activity in the Asian nation improved to an eight-month high of 49.5 from September's 47.9, though it still indicated activity contracting for the 12th consecutive month.

Market players were now looking ahead to a series of important political and economic events set to unfold in early November.

Later in the day, the U.S. was to release the ADP report on nonfarm payrolls, as well as the weekly government report on initial jobless claims. In addition, the Institute of Supply Management was to publish data on U.S. manufacturing activity.

On Friday, the U.S. will release a closely-watched report on U.S. non-farm payrolls, to gauge the strength of the U.S. labor market.

Any improvement in the U.S. economy could scale back expectations for further easing from the Federal Reserve, boosting the dollar and potentially weighing on the precious metal.

Political developments were likely to take center stage next week, with the U.S. presidential election on November 6 and the start of the Chinese Communist Party Congress on November 8, where a once-in-a-decade leadership change was to take place.

Euro zone developments remained in focus. Investors remained cautious amid uncertainty over when Spain may request a bailout and whether Greece will secure the next tranche of its bailout funding.

Elsewhere on the Comex, silver for December delivery rose 0.5% to trade at USD32.47 a troy ounce, while copper for December delivery added 0.85% to trade at USD3.547 a pound.

[secret alibi]

As seen on 4H chart, gold has broke above its
bearish trendline, suggesting a bullish reversal
especially if price could stay above 1720 area
to trigger further bullish momentum targeting
1735 region for nearest term. However we still
sideways about gold ahead of U.S. non-farm
payrolls report on Friday.

Resistance Level : 1720, 1735, 1748
Support Level : 1700, 1693, 1680
Trading Range : 1700 – 1735
Trend : Neutral

[nurdiantofxwave]

Gold rose strong with no barrier yesterday. Gold moved up and broke weekly pivot level (1712.67) then get new highest price in level (1725.20), but before american market session closed, price retraced down but weak and held in level 1717.80. Today it's predicted move up again following uptrend in medium term.

[dollar]

if we look in techincal indicator we find its is oversold and now momentum is also going to zero and increasing in possitive direction.
i think now gold has starting to move up side and may be we can see this will again touch 1800.00 level.

[raihan8212]

Gold futures rose to the highest level in a week during U.S. afternoon hours Wednesday, as sentiment improved in the wake of destructive storm Sandy in the United States.

Gold traders waited for key Chinese manufacturing and U.S. employment data later in the week to gauge the health of the global economy.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,720.45 a troy ounce during U.S. afternoon trade, up 0.49% on the session.

Gold futures rose by as much as 1% earlier in the day to hit a session high of USD1,722.35 a troy ounce, which was the strongest level since October 23.

Gold prices were likely to find support at USD1,688.85 a troy ounce, the low from September 7 and resistance at USD1,730.35, the high from October 23.

Gold�s gains came as the euro found support after Spanish Prime Minister Mariano Rajoy said earlier that his country needs the help of the European Union to meet its budget goals, and added that EU progress on a banking union would allow leeway on making a formal request for aid.

The debt-strapped country has been reluctant to ask for financial assistance from its euro zone partners because of concerns it may come with conditions on its budget.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was down 0.1% to trade at 79.93.

Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Gold traders were looking ahead to a series of important political and economic events set to unfold in early November.

On Thursday, China will release a report on manufacturing data for October, followed by closely-watched U.S. non-farm payrolls data on Friday.

Political developments were likely to take center stage next week, with the U.S. presidential election on November 6 and the start of the Chinese Communist Party Congress on November 8, where a once-in-a-decade leadership change was to take place.

Elsewhere on the Comex, silver for December delivery rallied 1.52% to trade at USD32.30 a troy ounce, while copper for December delivery rose 0.28% to trade at USD3.515 a pound.

[erespe]

After stays in a sideways for the last 5 days, finally, Gold have power to try to break the sideways pattern, but it was not enough. Today, I will watch for the 1723.43 level. As gold failed to break this level yesterday, then it will bring gold back to the sideways zone. Breaking this level will make gold to start the bullish trend.

[Bieela_cute]

Elliott: impulse wave up 1730.74
Current upmove should be ended around 1723.33 - 1727.86. Any correction consolidation should find support in 1715.21 - 1711.63 zone.
Warning: Imminent end of bullish move
Technical points
Key point 1,723.5500
Entry point 1,717.2700
Elliott 1,705.0100
Closing 1,720.7000
Projection 1,727.4600
Trendline 1,709.7300
Trendline 1,714.4500
Supports / Resistances
Res 2 1,735.0200
Ex-High 1,725.9600
Res 1 1,727.8600
Pivot 1,718.8000
Sup 1 1,711.6300
Ex-Low 1,709.7300
Sup 2 1,702.5700

[samsiah]

GOLD Technical Analysis

Gold is currently testing the upper limit of its medium-term bearish channel at 1,713 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.
Technical indicators do not provide clear signals, and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in the recent days showing a decline in volatility and the imminence of a violent movement.

[rabbi89]

Current trend jo hai woh upward trend pe hai aur jab target hai 1554 agar price niche ki aur gaya toh lowest point hai iska 1536, breaking the trend turn to the downside good forex forum indian

[winstead]

Technically, gold is still trading in a narrow range in area from 1715 to 1698 prices. Break up the gold will go to area balance in price range 1730.