Gold Price Strategy for Today
Gold Price Strategy for Today
Spot gold fell as much as 1 % to $1,694.35 the lowest price since Dec. 7, and traded at $1,700.90 in Asian hours , gold rose $1,723.40 yesterday, highest since Nov. 30 , Gold fell to a one-week low as a rally to the highest level this month prompted some investors to take profit . Gold February lost 0.9 % to $1,701.80. Silver fell 1.5 % to $32.9697 yesterday, highest since Nov. 23. Platinum slid 0.8 % to $1,622, retreating for the first time in 6D. Palladium fell 0.7 % to $685
Technical: Prices may be underpinned at $1,662 to $1,672.50, an area of support made up of the November low, 200-day moving average and 50% retracement of the May-to-October rise.
Holdings in ETP yesterday fell for a 2nd to 2,626.049 metric tons from a record on Dec. 10
Fed said it will expand asset purchases.
USD rebounded from a three-day decline against a basket of six major currencies.
House Speaker John Boehner said yesterday both parties have “got some serious differences.”
GOLD (Spot) intraday: under pressure.
Day Trading: SHORT positions below 1712 with 1684 & 1678 as next targets.
Long Term: The upside penetration of 1712 will call for 1722 & 1731.
Comment: the RSI is bearish and calls for further downside.
Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
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Investing in Asia
The Heffernan Group of Companies is a leading provider of consulting, technology, research and management services dedicated Governments, Funds, Listed Companies and High Net worth Individuals. Our clients call us when they need help with strategic, operational or market challenges. They look to us for honest, objective advice in delivering results. Read More
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Heffernan Capital Management
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Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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