GOLD: FORECAST BY END OF YEAR
All those who follow the raw material exchange and in particular for the metals market, could not help but notice that the gold traded in the six year low.
And many wonder where the price will go next? After analyzing the market can be understood as follows:
Since gold is a safe asset for investment gold traders always keep before our eyes, what would you could always get away with risky positions.
And so today the price is at the level of 1076.450 per ounce. If you look at the chart below you can see that the current price is at the level of February 2010.
The price of gold fell, for two reasons:
First of slowing economic growth in China and India, the two countries are the largest consumers of this metal in the world.
And secondly, it is the strengthening of the dollar and the expectation of raising interest rates in the United States. The price of gold today includes all of the risks incurred by the above listed reasons, which means that the stress of gold already received and now he can only grow.
I do not in any way saying that gold will rise vector, drawdowns from today’s price of $ 20-30 is quite possible, but the general direction of the top.
Which points to choose for trading?
The first point to which the price will reach a point of correction which is at the level of $ 1,100 an ounce. There is a good chance that when you reach this point of the price rollback that would go down to the second round.
The second point is a trend reversal point located at $ 1172 per ounce.
After passing this point the price will be stably go to the top.
Next on the schedule two take profit levels that are in 1226, and for the patient on a loss in 1286.
Good luck to all in the auction!
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