COMEX Gold Update
23 Oct - Comex Gold Price Bias to Bearish, But RSI Oversold
InvestorsDoctor
Publish date: Mon, 23 Oct 2017, 02:33 PM
InvestorsDoctor
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23/10/2017
Gold Dec 17
Yesterday close: 1280.5 -9.5
S
Gold prices fell sharply on last Friday after the Senate approved a budget blueprint that paves the way for tax cuts, causing stocks, US dollar and bond yields to rise. Higher bond yields increase the pressure on bullion because gold does not offer a yield, while a stronger dollar makes it more expensive for holders of other currencies.
Based on the hourly chart Fibo analysis, gold price may see support at next 1108.9% (Ratio base on Fibonacci Ratio) around 1269-1270. RSI is approaching oversold, while MACD & bollinger band crossing down, momentum bias to bearish. Price likely show rebound if it can close at upper bollinger band.
Price level to watch out today:
Resistance 1279.6 1283.1 1286.7
upport 1275.4 1270 1263
Watch out for further sell signal below 1275.4
Margin Requirement (per lot)
USD 5390
Micro: USD 539
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