Gold

[raihan8212]

Gold futures edged up from the lowest level in six weeks during U.S. morning hours on Monday, as hopes that Spain is moving closer to requesting a bailout supported the euro.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,726.65 a troy ounce during U.S. morning trade, easing up 0.15%.

Prices held in tight trading range of USD1,728.75 a troy ounce, the daily high and a session low of USD1,718.65 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 USD1,754.95, the high from October 17.

The euro found support after Spanish regional election results indicated support for the austerity policies of Prime Minister Mariano Rajoy.

The center-right Popular Party of Prime Minister Rajoy increased its majority in his home region of Galicia on Sunday, removing a possible obstacle to formally requesting a bailout from Spain�s euro zone partners.

A bailout request by Spain would activate the European Central Bank�s bond purchasing scheme, aimed at lowering high peripheral bond yields in the euro zone.

Prime Minister Rajoy said Friday he still had not decided whether to request a sovereign bailout.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, was down 0.15% to trade at 79.59.

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.

Prices were lower earlier in the session, as some technical selling weighed after prices broke below key support levels close to their 50-day moving average, painting bearish chart patterns.

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.

Markets may stay subdued ahead of the release later in the week of U.S. data including monthly new home sales, durable goods orders and third-quarter GDP figures.

Investors are also turning their attention to the Federal Reserve's policy meeting on Tuesday and Wednesday after the central bank announced its third round of quantitative easing last month.

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 added 0.65% to trade at USD32.30 a troy ounce, while copper for December delivery shed 0.5% to trade at USD3.619 a pound.

[Robi]

Of gold can be seen formed a bearish channel, today there was a retreat from its lower boundary and the price went to the northern correction, but the underlying trend continues to the south, you need to wait for the correction (from the top of the channel or the resistance of 1733.80) to sales.

[winstead]

Gold has now reached the level of price support D1 in 1714. If gold was not able to break up then gold will go back down to the level of 1716 prices again. But if gold were able breakup 1731 then gold will go before the 1741 price level back down i think.

[VANDA_S]

At the H4 chart, the price is dibawah12 EMA and 72 EMA indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Take profit: 1680

[andi1681]

Yes on in resent time Forex treading system is valuable tan gold because we all know that it is a money a mking treading system and a lots of people are working here.

[hictor23]

XAU/USD
BUY
Enter :- 1714.85000
TP1 :- 1714.66110
TP2 :- 1714.47220
SL :- 1715.22784

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

[Jobs]

Yes indeed gold continues to fall and now paint a very bad rounding, so that it is possible to sell a short stop, and expect that the trend will continue and prices will reach below 1713 ....

[forexking2]

Expected trading range for this week between: support at 1685.00 and resistance 1762.00
General tendency is Expected for this week: Down, what is not breached 1731.00

[secret alibi]

Bias bearish in nearest term, especially if daily
close below 1716, a clear break below this
area could trigger further bearish aiming
1700. Immediate resistance is seen around
1728, a clear break above that area will cancel
outlook bearish toward 1740.

Resistance Level : 1728, 1740, 1750
Support Level : 1716, 1700, 1685
Trading Range : 1700 – 1728
Trend : Bearish

[ashaab]

The short term trend of the Gold is to the upside. Intraweek trading range of the Gold is expected among key support at 1685.00 and key resistance at 1780.00. Based upon my chart analysis, I prefer to buying the Gold around 1715.00 with targets 1735.00, 1755.00 then 1780.00 and stoploss with four hour candle closing below 1700.00.