|
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.
