gold price technical analysis forecast

Will Gold conquer new heights

Gold has rallied nearly 5 percent since a surprisingly weak U.S. nonfarm payrolls report on Oct, continuing to benefit from the weakness in US dollar and safe-haven buying due to growing uncertainty about the direction of the stock markets, concerns over the health of the Chinese economy may also undermine risk appetite after the latest trade figures showed imports at the world’s second-largest economy fell more than 20% year-over-year in September.
Support for Spot Gold comes from jewelry demand from India in the lead up to and during the wedding season, which starts again in late September. India did record a 176% increase in Gold imports in August to US$2-B from about US$756-M..
In my opinion, as long as gold is above the level of 1141, the direction is up to the area in 1220

When, on the way there are stops, which are: 1187 1205 1216
meanwhile, the long-term trend remains bearish unless we see him cross up 1360 area

xauusd technical

This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice

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