Gold One Pager Report..

Instrument	S3 Pivot	S2 Pivot	S1 Pivot	Daily PP	R1 Pivot	R2 Pivot	R3 Pivot
Gold Spot	1060	1070	1078	1088	1096	1106	1114

Gold Spot in Comex shows the emerging of the symmetrical triangle pattern. Prices have been oscillating between $1,110 and $1,080 per ounce levels since couple of week. Breakdown below $1,080 will bring the prices till $1,047 in near term.

Sustain below $1,080 will also indicate long term breakdown of the Bear Flag Pattern. Height of the Pole is 128 points, which is the difference from $1,205 to $1,077 level. Taking in to consideration the positional chart the lower side target comes to 1016 which is 50% of the height of the pole and Second target comes to $952 will be the 100% of the Height of the pole.

The strong US dollar and excess supply concerns are putting pressure on gold prices. The Federal Reserve’s interest rate hike would be the key driver for gold prices in the near term.

Fundamental News which just coming out from the Federal Reserve board voting member which will impact the prices to great extent

On Wednesday gold prices eased its previous session gain in Asia trade after remarks from a Federal Reserve board voting member that a widely expected rate hike this year could be "close". 

A voting member this year, Atlanta Fed's Lockhart is considered to be a moderate, analysts said, which made his remarks more meaningful. Talking with the Wall Street Journal, Atlanta U.S. Federal Reserve Bank President Dennis Lockhart said the Fed was "close" to being ready to raise short-term rates. Lockhart noted it would take major weakness in the data to convince him not to move. "I think there is a high bar right now to not acting, speaking for myself," he said. The Atlanta Fed president is a voting member on rate policy this year. He is seen by Fed watchers as a key bellwether of the thinking of the majority on the U.S. central bank due to his pragmatic approach to economic issues.