COMEX Gold Update

[Gold Futures] - Price Bias to SELL!!

InvestorsDoctor
Publish date: Mon, 22 Jan 2018, 12:03 PM
InvestorsDoctor
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 22/1/2018

 
Gold Feb 18
 
Previous Close: 1331.1
 
 
 
Gold prices edged up on Monday amid a softer dollar as investors sought safe haven assets after the U.S. government shutdown due to a funding impasse. While US dollar index remained weak. Hedge funds and money managers raised their net long position in COMEX gold contracts according to CFTC. Gold demand in China firmed last week as retailers stocked up ahead of Chinese New Year. Next FOMC meeting on 30 & 31 Jan.
 
In the hourly chart, gold have created lower high at 1338.2 (38.2% of previous downswing), this is suggesting further correction will be seen at previous low 1324.3. 
 
 Price Level to monitor today: 
 
Resistance:  1335.8 1338.2
Support:    1329.6 1234.3
 
 Recommend Trading Plan for the day: 
 
1. Look for sell 1330, stop 1332.5, TP 1327.5
2. Not recommend to buy
 
 Margin Requirement (per lot) 
USD 3850 
Micro: USD 385
 
Disclaimer: Idea for sharing purpose, trade at your own risk.
 
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