30/10/2017
Gold Dec 17
Friday closed: 1274.6
Gold inched lower on morning trading as investors remained cautious ahead of policy meetings of three major central banks and the naming the next US Federal Reserve’s chair. Trump is expect to announce new this week. The market is awaiting cues from the meetings of FOMC and central banks of England and Japan. With the impressive US GDP data last week, market is expecting dollar to remain strong and push bond yields higher, putting pressure on gold prices by increasing the opportunity cost of holding non yielding bullion.
Based on the hourly chart, downward sloping sideway price movement remained. As uncertainty ahead, price is expect to trade sideway until certain info had brought to the market.
Price level to watch out today:
Resistance 1275.2 & 1280
Support 1268.2 & 1265.9
Recommended Trading Plan Today:
1. Sell at lower low 1271.4, stop 1273.7, exit at 1269.1 or lower.
2. Buy if price trade higher than 1275.2, stop at recent low, target based on 1 risk reward ratio.
Margin Requirement (per lot)
USD 5390
Micro: USD 539