{"id":61196,"date":"2014-10-01T04:22:44","date_gmt":"2014-10-01T08:22:44","guid":{"rendered":"http:\/\/countingpips.com\/?p=61196"},"modified":"2014-10-01T07:15:00","modified_gmt":"2014-10-01T11:15:00","slug":"gold-might-correct-higher-but-not-much","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/gold-might-correct-higher-but-not-much\/","title":{"rendered":"GOLD Might Correct Higher But Not Much"},"content":{"rendered":"
October 1, 2014<\/div>
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Visit our website \u2013 Ikofx<\/a><\/strong><\/em><\/p>\n

The US dollar assault continued this week as well, and even the precious commodities were not spared. GOLD was seen trading lower this week, and it is currently testing the previous low of $1210-05. Even the bad US economic data failed to encourage the yellow metal buyers yesterday. There are a couple of events lined up during the NY session today. The most important one is the US ISM manufacturing PMI. The market is expecting it to decline by 0.5 points from 59.0 to 58.5. Let\u2019 see how the outcome shapes out. If the outcome comes as a disappointment, then it would present another opportunity to the yellow metal buyers to take it higher.<\/p>\n

There is an important bearish trend line on the hourly chart of the GOLD, which has pushed GOLD lower time and again lower. GOLD is currently trading around the last low of $1205, and there is a chance that it might jump a bit from the current levels. However, it might again face resistance around the mentioned trend line. The most important thing now is that the 38.2% fib retracement level is also coinciding with the highlighted trend line. Moreover, it is just below the 100 hourly simple moving average. So there is a monster resistance around the $125 level. The RSI is well below the 50 mark, which is a negative sign.<\/p>\n

\"GOLD<\/a><\/p>\n

A break and close below the last low of $1205 would open the doors for more downside towards the $1180 level. The market sentiment does not favour buyers as of now.<\/p>\n

Overall, selling rallies around the $1215 level might be considered as long as it stays below the trend line.<\/p>\n

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\nPosted By IKOFX Technical Team: Online Forex Broker
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Visit our website \u2013 Ikofx The US dollar assault continued this week as well, and even the precious commodities were not spared. GOLD was seen trading lower this week, and it is currently testing the previous low of $1210-05. Even the bad US economic data failed to encourage the yellow metal buyers yesterday. There are […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-61196","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=61196"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61196\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=61196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=61196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=61196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}