Gold Analysis

Gold Analysis – December 10, 20147

Roller Coaster describes the condition of the global market during the trading session on Tuesday (16/12) in which the gold market, the oil and the dollar in the turbulent enormous volatility and bring investors may have difficulty seeing the trend of the market.

February gold futures contract as a most-active contract today completed the trading session on Tuesday (16/12) with a loss of $ 13.40, or 1.1% end at $ 1,194.30 an ounce on the Comex Division of the New York Mercantile Exchange.

Spot market, the price of gold closed up $ 1.5, or 0:13% ended at $ 1,195.30 per troy ounce, having previously had traded as high as $ 1,223.340 and as low as $ 1,187.400.



Gold prices rose sharply during the Asian trading session until the opening of the US overnight reach daily highs at $ 1,223.340, as the US dollar index fell to its lowest level since 21 November.

Safe-haven demand increased after a sharp decline at the beginning of the week at the price of gold as investor concerns Russia will overshadow economic crisis a number of other developed countries. Russian economic conditions which will be described as a crisis that happened back in 1998, has brought great speculation gold market and the global market, especially the stock market.

Sharp gains in the gold price back retroactively and re-traded fell on the opening level yesterday, and posted a profit of less than $ 2 ahead of a summit of the US Federal Reserve FOMC Meeting in the early morning at 02.00 GMT + 7.

In the FOMC meeting, the Fed is expected to keep interest rates low until next year but allows the Fed to launch other monetary policy. US economic outlook has improved likely to bring downward pressure on the price of gold.

Before the early day FOMC meeting, the global market will be focused on the US CPI data at 20:30 GMT + 7

Other commodities market, the price of crude oil (Crude Oil) closed down slightly, amounting to 2 cents, or 0.04% ending at around $ 55.93 a barrel after a volatile in the range of $ 57.09 – $ 53.57. Brent Crude closed down $ 1.20, or 2% ended at $ 59.86 per barrel.



Technically, gold has been on a fairly high level and enters the neutral zone transition from negative phase in the last three months. If gold is able to move higher, potentially testing the next resistance level at $ 1,245.10 – $ 1,258.00.

Nevertheless the negative trend in the long term is still visible. In the long-term technical pattern remains indicate the possibility of gold in the range of $ 984 per troy ounce – at least in the coming years.

In the long-term trend based on the monthly chart, has formed a triangle pattern – where if price able to test and break above $ 1,180.00 supports the gold potential to continue to decline until the long-term target in the range of $ 926.70 – $ 984.00, at least in the coming year.

Entering the trading session today, gold is expected to be traded in the range of $ 1,208.90 – $ 1,181.30. Where the penetration of each upper limit (resistance) and lower limit (support) will determine the next trend in the gold market.

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