Gold

[Bieela_cute]

Elliott: correction zigzag 1693.56
It should try higher up to 1685.73 - 1690.03. Entry point 1681.42 or 1678.94. After this rise, a correction is expected.
Warning: End of trend
Technical points
Key point 1,690.5000
Entry point 1,681.6600
Elliott 1,672.8200
Closing 1,685.0600
Projection 1,693.5600
Trendline 1,689.0400
Trendline 1,666.0400
Supports / Resistances
Res 2 1,695.0000
Ex-High 1,686.4000
Res 1 1,690.0300
Pivot 1,681.4200
Sup 1 1,676.4500
Ex-Low 1,672.8200
Sup 2 1,667.8400

[Vamos]

breakdown of support in 1700 gold went down very strongly now see that there is a slight pullback to 1685 .. but it's probably just a small fixed income players see that the candles are quite small, and I think this week will see the continuation of falling below 1670 ..

[hossin962]

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 targeting 1531 then 1525 ..

[Chaudhry]

Meinnay ja tak gold ki trading nahi ki mujay gold kay baray mein kuch zada nahi pata is liye mein gold pay trading nahi kerta magar mera khayal hay kay gold ki trading mein zada profit gain kiya ja sakta hay bs ap kay gold kay baray mein analysis achay honay chaye.

[raihan8212]

Gold futures edged up from a two-month low during U.S. morning hours on Monday, holding above its 200-day moving average close to USD1,660-an-ounce, as investors focused on Tuesday�s U.S. presidential elections.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,682.15 a troy ounce during U.S. morning trade, up 0.4% on the day.

Prices held in a tight trading range of USD1,684.05 a troy ounce, the daily high and a session low of USD1,672.55 a troy ounce, which was the weakest level since August 31.

Gold prices were likely to find support at USD1,646.45 a troy ounce, the low from August 31 and resistance at USD1,727.25, the high from October 31.

Markets were focused on the outcome of Tuesday�s U.S. elections, with opinion polls pointing to a close race between incumbent President Barack Obama and Republican challenger Mitt Romney.

If the election comes down to a thin margin in a swing state such as Ohio, the outcome could be delayed for days or weeks.

Greece was also on investors mind, as the country�s parliament prepared to vote on the latest rounds of austerity measures on Wednesday, which could determine if Athens receives its next tranche of financial aid.

Elsewhere in the euro zone, markets continued to eye developments surrounding Spain, amid ongoing uncertainty over whether the debt-strapped country is moving closer to formally requesting a bailout from its euro zone partners.

Gold�s gains were limited as the U.S. dollar rose to a five-week high against the euro, after Friday�s stronger-than-expected U.S. jobs report prompted investors to trim back expectations for another round of quantitative easing by the Federal Reserve.

The U.S. Department of Labor said the economy added 171,000 jobs in October, beating forecasts for an increase of 125,000. The unemployment rate ticked up to 7.9% from 7.8% in September as more people re-entered the labor force.

The dollar index, which tracks the performance of the U.S. dollar against a basket of six other major currencies, was up 0.25% to trade at 80.85, the highest level since September 7.

A stronger dollar saps demand for raw materials as an alternative investment and makes metals priced in the currency more expensive in terms of other currencies.

Elsewhere on the Comex, silver for December delivery rose 0.6% to trade at USD31.04 a troy ounce, while copper for December delivery dropped 0.7% to trade at USD3.456 a pound.

Copper traders shifted their focus to the start of the Chinese Communist Party Congress on Thursday, where a once-in-a-decade leadership change is to take place.

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

[winstead]

Gold probably will not drop lower than 1660.61. After that it will move up to the range of 1697.57 to 1705.19.

[hodhod2000]

The trading range for this week is expected among the key support at 1630.00 and key resistance now at 1730.00.

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.

[Robi]

I do not expect from such a strong reduction of gold as the price stopped and continues to consolidate support around 1774.80 (price below that level until the start up), until there is a great probability of a north correction, so when you turn over the building above 1680 for the purchase.

[romannil]

Gold technical analysis for 05.11.2012 by using : Auto pivot indicator.

resistance 3:1746.30
resistance 2:1731.20
resistance 1:1704.10

pivot point :1689.00

support 1:1661.90
support 2:1646.80
support 3:1619.70

[raihan8212]

Gold prices rose on Monday as bottom fishers snapped up nicely priced positions in the yellow metal on sentiments a recent selloff sent the commodity falling too far.

Proximity to U.S. elections kept some investors chasing dollar positions, which capped gold's gains.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.37% at USD1,681.45 a troy ounce, up from a session low of USD1,680.05 and down from a high of USD1,684.05 a troy ounce.

Gold futures were likely to test support at USD1,674.75 a troy ounce, Friday's low, and resistance at USD1,716.95, Friday's high.

Gold prices plummeted last week after the U.S. Bureau of Labor Statistics revealed the U.S. economy added 171,000 jobs in October, beating out analysts' calls for a gain of around 125,000.

The headline unemployment rate rose to 7.9% from 7.8% in September, as more unemployed workers jumped into the labor force by actively seeking work.

The news sparked sentiments that the Federal Reserve may hold off on any plans to beef up its ongoing round of quantitative easing, under which the U.S. central bank buys mortgage debt from banks, pumping the U.S. economy full of liquidity and weakening the dollar to spur recovery.

Gold and the dollar traditionally trade inversely from one another.

Gold prices also fell last week as investors began to stock up on safe-haven dollar positions ahead of Tuesday's presidential elections.

President Barack Obama and his challenger, Republican Mitt Romney, are neck and neck in the polls.

With no clear winner, investors have flocked to safety of the dollar before Tuesday's elections, which continued to bolster the greenback in early Asian trading on Monday.

Gold, however, rose on demand from bargain hunters.

Elsewhere on the Comex, silver for December delivery was up 0.70% and trading at USD31.072 a troy ounce, while copper for December delivery was down 0.11% and trading at USD3.479 a pound.