Gold

[raihan8212]

Gold futures eased up modestly in lackluster trade during U.S. morning hours on Tuesday, boosted by a weaker U.S. dollar as investors continued to eye developments in the euro zone.

Gold traders were already eyeing Friday�s closely-watched U.S. nonfarm payrolls data after the unemployment rate unexpectedly fell to 7.8% in September from 8.1% the previous month.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,711.25 a troy ounce during U.S. morning trade, up 0.15% on the day.

Prices held in a tight trading range of USD1,715.65 a troy ounce, the daily high and a session low of USD1,706.95 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 USD1,731.25, the high from October 22.

Trading activity was expected to remain thin on Tuesday, as investors continued to assess the damage caused by Sandy after the storm made landfall in Southern New Jersey late Monday.

Gold prices found support as the euro advanced against the U.S. dollar, while the dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was down 0.4% to trade at 80.00.

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.

Sentiment firmed up after official data showed that the Spanish economy contracted by 0.3% in the third quarter, better-than-expectations for a 0.4% contraction.

The data came a day after Spanish Prime Minister Mariano Rajoy said that he would request a bailout "when I think it is in the interests of Spain".

A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would result in reduced borrowing costs for the debt-strapped nation. But Spain has been reluctant to do so because it may come with conditions on its budget.

Also Tuesday, Italy�s Treasury sold EUR3 billion worth of debt maturing in November 2022 at an average yield of 4.92%, the lowest level since May 2011 down from 5.24% at a similar auction last month.

The precious metal was higher during Asian trading hours after the Bank of Japan boosted the size of its asset-purchase program in an effort to boost slowing economic activity.

The BoJ increased the size of its asset purchase program by JPY11 trillion to a total of JPY66 trillion. The asset purchase fund has been its main policy tool since October 2010.

Policy makers kept a separate credit loan program at JPY25 trillion. The BoJ also left its policy interest-rate target unchanged in the current range of zero to 0.1%

Gold can benefit from such an environment of easy money because of expectations that ample liquidity would put a damper on the value of paper currencies.

Elsewhere on the Comex, silver for December delivery rose 0.65% to trade at USD31.95 a troy ounce, while copper for December delivery added 0.4% to trade at USD3.508 a pound.

[Emma]

Gold today mark the triangle formed by the converging bull (lower lows, higher and higher), the bears have not pressured so much the price for growth remains only wait for a break in 1715 (and the breakdown of the moving blue alligator), and while a bit dangerous to climb.

[forexking2]

Support 1700.00 1688.00 1677.00 1655.00 1646.00
Resistance 1714.00 1718.00 1725.00 1730.00 1740.00

[forexking2]

Trading price of gold in a narrow range since this morning with some slight upward tendency, where it appears a positive impact on stochastic intraday trading.

[hictor23]

XAU/USD
SELL
Enter :- 1708.06000
TP1 :- 1707.83707
TP2 :- 1707.61416
SL :- 1708.50590

Note this is just my attempt to predict the price could be right or wrong stop-loss order is very important must put always follow the trend

[ahmed fakhry]

Gold: December futures price of gold today fell today to 1705.70 dollars per ounce on COMEX due to concerns about Greece and the lack of guidance on when Spain is planning to apply for financial aid.

[raihan8212]

Gold prices rose on Tuesday, shaking off earlier losses stemming from global economic uncertainty, especially out of Europe, where Spain has yet to make it clear if it will seek a bailout.

U.S. markets were closed on Monday ahead of Hurricane Sandy, which roared ashore as a powerful post-tropical system whipping up wind, driving rains and a deadly storm surge.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.15% at USD1,711.25 a troy ounce, up from a session low of USD1,706.95 and down from a high of USD1,712.05 a troy ounce.

Gold futures were likely to test support at USD1,705.45 a troy ounce, Monday's low, and resistance at USD1,719.35, Fridays' high.

Gold dipped earlier as investors shunned risk over ongoing doubts as to whether Spain will request financial assistance from its neighbors.

Spanish Prime Minister Mariano Rajoy criticized the idea of giving a new European Union Commissioner greater say-so over eurozone national budgeting policies, saying it could be counterproductive, though he did say Madrid would considering seeking a bailout "if we think it is in the interest of Spaniards."

Elsewhere in Europe, Spanish retail sales fell 10.9% from the same month a year ago, much worse than market expectations for a decline of 6.2%, which dampened appetite for risk, including gold.

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 in Greece, the country is negotiating austerity terms with its troika of lenders, the International Monetary Fund, the European Central Bank and the European Commission.

Concerns that not all in Athens are on board with wage reforms spooked investors earlier and sent gold falling on fears the debt crisis may reheat in Greece.

The metal regained strength later on sentiment global central banks will keep monetary policies loose, especially in Japan, where the latest announcement on monetary policy is due out later this week.

Meanwhile, markets were closed in the U.S. as were many businesses along the heavily populated eastern seaboard with the arrival of Sandy, a massive post-tropical system that came ashore along the New Jersey coast.

Elsewhere on the Comex, silver for December delivery was up 0.51% and trading at USD31.908 a troy ounce, while copper for December delivery was up 0.09% and trading at USD3.510 a pound.

[don1681]

Yes it is also a good way of amking money becasue we all know that gold is very valuable metal so we can also tread with this treading system and be a gainer.

[nurdiantofxwave]

When gold move around monthly support 1 (1708.57), it can retrace up from this level. This condition can be seen in chart tf m15. price shown move up not like yesterday, price fell down. Now, price is trying to break weekly pivot level (1712.67), if it can do, it will rise strong.

[ashaab]

The short term trend of the Gold is to the upside. Intraday trading range of the Gold is expected among key support at 1675.00 and key resistance at 1745.00. Based upon my chart analysis, I prefer to stay aside from the Gold until we get a confirm setup for the upcoming big move.