Monday’s Technical Analysis: Spot Gold
Spot Gold closed lower Friday.
The mid-range close set the stage for a steady to higher opening Monday.
Stochastics and the RSI are overbought but are still Neutral to Bullish indicating that sideways to higher prices are possible near term.
If Spot Gold extends the rally off of the November lows, August’s high crossing is the next Northside target.
Closes above the 20-Day MA crossing will confirm that a short term low is in.
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“Restrictions placed on import of Gold… stand withdrawn with immediate effect,” India’s central bank said in a statement on Saturday, 29 November.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.
Latest posts by Paul Ebeling (see all)
- Rare 1955 Alloy MBZ 300 SL “Gullwing” To Hammer At Monterey - August 1, 2015
- Looking For A Bottom In Crude Oil? Wait… - August 1, 2015
- “Heat Dome” Caps Middle East, Heat Index At 165F In Western Iran - August 1, 2015
- Chinese Box Office Hit Record High In July - August 1, 2015
- Crude Oil’s Deep Dive Hard On Industry And Economy - August 1, 2015
Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.
Ferrari Must Stay Focused As It Prepares To "Go Public" ... read more
Emerging Market Currencies Hammered, Government Intervention Ahead $MS, $GS The ... read more
Shayne Heffernan Looks at Silver Prices Silver is a long ... read more
Rare 1955 Alloy MBZ 300 SL "Gullwing" To Hammer At ... read more