Back to the Forex Alerts day's list
Alert-21:09 (Est) ACM Precious Metals Analysis: Gold Loses its Luster as Prices Return to Normalized Levels
|
The battle rages on, where gold longs try to build the case that expectations for higher inflation should bolster gold prices. Today’s trading activity contradicted that theory as the precious metal sold off despite higher inflation data out of Europe. From a technical perspective, MACD acted as a very sensitive indicator in relation to price movement. Some of the dips below the signal line were exaggerated, but general trends could be captured watching MACD. We will probably see $900oz before we see $950oz as the FOMC euphoria wanes and financial markets stabilize. Event risk is critical in navigating the longer-term outlook, and we remain cautiously optimistic regarding the new wave of positive risk sentiment. Any setbacks in the form of weak economic data or poor corporate earnings would trigger gold back into rally mode.
Support: 914.61 Current: 925.75 Resistance: 940.68
|
|
ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency and precious metals trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
|