Gold

[hodhod2000]

The trading range for today is expected among the key support at 1677.00 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

[raihan8212]

Gold futures were little changed during U.S. morning trade on Wednesday, holding near the previous session�s six-week low as market participants looked ahead to the conclusion of the Federal Reserve's two-day policy-setting meeting later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,709.65 a troy ounce during U.S. morning trade, unchanged on the day.

Prices held in a tight trading range of USD1,715.15 a troy ounce, the session high and a daily low of USD1,706.55 a troy ounce. On Tuesday, gold prices touched USD1,704.75 a troy ounce, the cheapest level since September 7.

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.

Gold traders are turning their attention to the Fed�s policy meeting later in the day, after the central bank vowed last month to buy an average of USD40 billion of mortgage-backed securities a month until the economy shows significant improvement.

While the central bank was not likely to introduce any new measures, its policy statement will be closely scrutinized.

Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would pump more money into the financial system.

Gold prices swung between small gains and losses throughout most of the day, as encouraging Chinese data offset weak data out of the euro zone.

Markit said that its flash euro zone manufacturing purchasing managers� index fell 45.3 in October from a final reading of 46.1 in September. Analysts had expected the index to ease up to 46.6 in October.

Germany�s flash manufacturing PMI fell to 45.7 in October, from a final reading of 47.4 in September, disappointing expectations for an improvement to 48.0.

Meanwhile, a report by German research institute Ifo showed that its business climate index fell to100.0 in October, the lowest level since March 2010, from a reading of 101.4 in September.

Elsewhere, data showed that China's HSBC manufacturing PMI came in at 49.1 in October, compared with a final reading of 47.9 in September.

From a technical standpoint, the precious metal could see further losses in the near-term after having failed to break above the key USD1,800-level earlier in the month.

Gold futures rallied to an 11-month high of USD1,798.05 a troy ounce on October 5, boosted by ongoing expectations policymakers around the world will launch more stimulus to support the weak global economy.

Elsewhere on the Comex, silver for December delivery rose 0.1% to trade at USD31.81 a troy ounce, while copper for December delivery shed 0.4% to trade at USD3.554 a pound.

[winstead]

Bias in the gold price is still bearish towards 1700 for short term, break down this area will be heading to the area in 1685 as a psychological support.

[ALLIANZ]

For today's trading, gold is expected to move in a range between $ 1.698 to $ 1.723 before determining the direction of the next movement.
Gold is likely to try to level $ 1.688 or $ 1.672 if managed through the level of $ 1.698. Meanwhile,
when gold broke through the $ 1.723 level, then the next target level $ 1.739 or $ 1.749.

[biplob kumar sarkar]

the price of gold might fall after diwali i think.Can anyone suggtest me..........................................is there any possibility of it ?

[saif]

i think today gold is serious market but Support is at 1704/02 and if we lose this support we see 1697 to 1694 as the immediate targeted area. Below 1694 we see 1691/89 and here is where you can cover shorts...Re-sell a break below 1686 for 1680 to 1676.

[andi1681]

On in recent time the forex treadings sytem is better than the gold treading becasue we all know that it is a money amking treading system so the more work on in it you will be a gainer.

[shitolnaim]

mujha gold market ka bareme jada kutch pata nahi ha.to sunaha ki gold market ma bare bare log trade kartiha.or utchka liya bohot dollar ki jorurat hotiha.kiu ki yea market bohot lada nar ti ha.utchki jada mujha or kutch pata nahi ha.

[andi1681]

On in this treading ssytem of forex is beter than the gold treading because we all know that it is a money treading system so if if you want to be gainer than work on in it.

[raihan8212]

Gold futures were little changed near a six-week low during European morning trade on Wednesday, as the U.S. dollar pushed higher following the release of dismal euro zone manufacturing data.

Market participants looked ahead to the conclusion of the Federal Reserve's two-day policy-setting meeting later in the day, after the central bank announced its third round of quantitative easing last month.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,709.05 a troy ounce during European morning trade, nearly flat on the day.

Prices held in a tight trading range of USD1,715.15 a troy ounce, the session high and a daily low of USD1,707.05 a troy ounce. On Tuesday, gold prices touched USD1,704.75 a troy ounce, the cheapest level since September 7.

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.

The euro sank to a seven-day low against the U.S. dollar after weak euro zone PMI reports and disappointing German business confidence data added to concerns over the economic impact of the region�s long-running debt crisis.

Markit said that its flash euro zone manufacturing purchasing managers� index fell 45.3 in October from a final reading of 46.1 in September. Analysts had expected the index to ease up to 46.6 in October.

Germany�s flash manufacturing PMI fell to 45.7 in October, from a final reading of 47.4 in September, disappointing expectations for an improvement to 48.0.

Meanwhile, a report by German research institute Ifo showed that its business climate index fell to100.0 in October, the lowest level since March 2010, from a reading of 101.4 in September.

The news prompted investors to shun riskier assets, such as stocks and commodities, and flock to traditional safe haven assets like the U.S. dollar and Treasuries.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was up 0.2% to trade at 80.20, the highest since October 11.

A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

Gold traders are turning their attention to the Fed�s policy meeting on Wednesday after the central bank vowed last month to buy an average of USD40 billion of mortgage-backed securities a month until the economy shows significant improvement.

Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would pump more money into the financial system.

Elsewhere on the Comex, silver for December delivery rose 0.25% to trade at USD31.87 a troy ounce, while copper for December delivery added 0.25% to trade at USD3.577 a pound.

Copper prices remained supported after a report showed that China's HSBC manufacturing PMI came in at 49.1 in October, compared with a final reading of 47.9 in September.

The Asian nation is the world�s largest copper consumer, accounting for almost 40% of world consumption last year.