Wednesday’s Technical Analysis: Spot Gold

Posted by: : Paul EbelingPosted on: May 13, 2015 Wednesday's Technical Analysis: Spot Gold

Wednesday’s Technical Analysis: Spot Gold

Spot Gold closed higher Tuesday.

The high range close set the stage for a steady open Wednesday.

Stochastics and the RSI are turning Neutral to Bullish indicating that sideways to higher prices are possible near term.

If Spot Gold resumes the decline off of the late April highs, the March low crossing is the next Southside target.

Closes above the reaction high crossing are needed to confirm that a low is in.


Note: India, announced it has eased controls on imports of the precious Yellow metal after its current account deficit narrowed sharply.

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India, the world’s 2nd-biggest Gold buyer after China, imposed the import restrictions last year to avert atrade deficit crisis that pushed the Rupee to record lows.

“Restrictions placed on import of Gold… stand withdrawn with immediate effect,” India’s central bank said in a statement on Saturday, 29 November.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 Goldand Silver, fell 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.

Stay tuned…


Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

Trade FX, Equities and Options with the World's Leading Platform , call our trade desk 631 482 0376, or contact us to get started.

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