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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

Factors

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.

Pivot: 1712.00
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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