COMEX Gold Update

26 Oct - COMEX Gold in Sideway, ECB and Jobless Claim to Decide Direction

InvestorsDoctor
Publish date: Thu, 26 Oct 2017, 05:25 PM
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26/10/2017

Gold Dec 17

Yesterday close: 1278.6

Wednesday on reports that Republican senators favored John Taylor to become the next head of the U.S. Federal Reserve, which drove U.S. bond yields to multi-month highs. Gold Price under pressure as market expecting one rate hike in December and 3 hike in 2018.

Based on the hourly chart, gold price breakout from “falling wedge” formation last night, and RSI and price indicating bullish divergence. Price to trade higher than 1285 to confirm both setup.

 

Price level to watch out today:

Resistance 1283.8 1285.2

Support 1277.7 & 1272

 

Recommended Trading Plan Today:

Buy if price above 1283.8, recent low for stop, TP  base on risk reward 1

 

Factor to Watch for the day:

7:45 PM ECB Interest Rate Decision

8:30 PM ECB Press Conference

8:30 PM Initial Jobless Clam

 

Margin Requirement (per lot)

USD 5390

Micro: USD 539

 

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