Tuesday’s Technical Analysis: Spot Gold
Spot Gold closed lower Monday.
The low range close set the stage for a steady to lower open Tuesday.
Stochastics and the RSI are Neutral to Bullish indicating that sideways to higher prices are possible near term.
Closes below the 20-Day MA crossing are needed to confirm that a top is in.
If Spot Gold resumes the decline off of its January high, the 75% Fibo retracement mark of the November-January rally crossing is the next Southside target.
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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“Restrictions placed on import of Gold… stand withdrawn with immediate effect,” India’s central bank said in a statement on Saturday, 29 November.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.
India’s Akshaya Tritiya festival considered by India’s more than 900-M Hindus as an auspicious day to buy Gold and Silver, falls on 21 April this year. Bullion is bought in India during festivals and marriages as part of the bridal trousseau or gifted in the form of jewelry by relatives.
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