{"id":62310,"date":"2014-10-22T05:40:36","date_gmt":"2014-10-22T09:40:36","guid":{"rendered":"http:\/\/countingpips.com\/?p=62310"},"modified":"2014-10-22T06:00:03","modified_gmt":"2014-10-22T10:00:03","slug":"buying-dips-favored-in-gold","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/buying-dips-favored-in-gold\/","title":{"rendered":"Buying Dips Favored In GOLD"},"content":{"rendered":"
October 22, 2014<\/div>
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Visit our website \u2013 Ikofx<\/a><\/strong><\/em><\/p>\n

The US dollar performed well yesterday, and that was one of the reasons that GOLD corrected lower after setting a high of $1255. However, it is likely that the upside is not over yet, and it might continue to trade higher in the short term. The recent existing home sales data was on the positive side, which caused the US dollar to move higher. There is another important release lined up later today. The US consumer price will be published, which can cause a lot of moves in GOLD and SILVER. Any disappointing reading might take GOLD higher in the coming session.<\/p>\n

There is a critical bullish trend line formed on the hourly chart of GOLD, which has managed to hold the downside a couple of times. GOLD looks like consolidating in a small range before it decides to move in a particular direction. The mentioned trend line is very important, as it also coincides with the 100 hourly moving average. So, if the prices of GOLD moves lower towards the $1240 level, then there is a high possibility of it getting buyers. On the upside, initial resistance is around the $1250 level, followed by the previous high of $1255. The hourly RSI is flirting with the 50 level, which is not a good sign in the short term.<\/p>\n

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

If GOLD breaks down and clears the highlighted bullish trend line, then it might head towards the 200 hourly moving average, which is just below the 76.4% fib retracement level of the last move from the $1231 low.<\/p>\n

Overall, one might consider buying dips as long as the prices are above the mentioned trend line.<\/p>\n

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Posted By IKOFX Technical Team: Online Forex Broker<\/p>\n

Website: http:\/\/ikofx.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Visit our website \u2013 Ikofx The US dollar performed well yesterday, and that was one of the reasons that GOLD corrected lower after setting a high of $1255. However, it is likely that the upside is not over yet, and it might continue to trade higher in the short term. The recent existing home sales […]<\/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-62310","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62310","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=62310"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62310\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=62310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=62310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=62310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}