Friday’s Technical Analysis: Spot Gold
Spot Gold saw an inside range day with a higher close Thursday.
The low range close set the stage for a steady open Friday.
Stochastics and the RSI are turning Neutral to Bearish indicating that a short term top might be in or close.
Closes below the 20-MA crossing will confirm that a short term top is in.
If Spot Gold extends the rally off of the Dec lows, the 75% Fibo retracement mark of the August-December decline crossing is the next Northside target.
We have some big trades lined up for this week so join us in the Live Trading Room, Trade FX, Equities and Options with the World’s Leading Platform Open an account here , call us at 312 219 1354, or email us to get started.
Note: India, announced it has eased controls on imports of the precious Yellow metal after its current account deficit narrowed sharply.
“Restrictions placed on import of Gold… stand withdrawn with immediate effect,” India’s central bank said in a statement on Saturday, 29 November.
Support for Spot Gold comes from jewelry demand from India in the lead up to and during the wedding season, which started in late September. India did record a 176% increase in Gold imports in August to US$2-B from about US$756-M.
Overall, the impact of wedding season spot gold buying has faded in recent times as India is no longer the world’s largest Gold consumer, partly because of the on-going government import restrictions on precious metals. If they are further relaxed, perhaps India will regain its Top spot.
Have a terrific week.
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