GOLD TREND FOR THE WEEK STARTING 22 DEC 2014

GOLD COMEX SETTLED $ 1196

Gold price rallied as high as 1239.60 last week before setting down.  As per my last recommendation, entered in mkt short side @ 1231.40 with stop price 1244 and expecting move down $ 60-70 for year ending or early in Jan trade.

Ist, I am intrested to see, how the gold ETF trade at the end of year 2014.  I  am expecting a sell off in ETF trading for tax purposes and causes  a sell off in future market.

IInd Rumors of Russia having to sell some of their gold reserves and the rumors has not been verified yet.

IIIrd, The crudeoil price, I don't think, it will stablize near future, lower price ahead in the market may be below $ 50 till Jan 1st  or 2nd week.
WEEKLY LEVELS

R2 1228
R1 1215
P 1204
S1 1185
S2'1172

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Rahul Kumar
Bullion expert
HFBC

+91 8193003476
bestech30@gmail.com

 

GOLD COMEX TREND FOR THE WEEK STARTING 08 DEC 2014

Gold comex settled $ 1190.40 on Dec 05th up by $ 15 last week closing.

Last week on Monday yellow metal tested our weekly support $ 1141.40 and sharply recovered becasue of shortcovering by big traders and produced new high tic $ 1220.40 before closing.

However the downtrend is still intact in my openion.  I am advising to positional traders sit side line for some time and look for a better mkt chart stracture.

Technically now yellow metal should stay in a consolidation faze for some time and later on start the new leg down towards our projection $ 1122-1100  till the end of Feb expiry or later on.

Weekly level

R2: 1216
R1: 1205
WP: 1192
S1: 1182
S2:1173

RECOMMENDATION

MARKET DEVLOPING POSITIONAL CALL NOW WAITING FOR ENTRY
ALSO EXPECTING FULL OF INTRADAY TRADES THIS WEEK...
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happy trading

Rahul Kumar
Bullion expert
HFBC