28 Oct - 01 Nov Weekly View

Gold closed higher last week at 32599 (USD 1352) confirming the week before's  bullish reversal. RSI is still low at 47, and level of 48 has been a resistance since the beginning of 2013, which was recently tested on August with a high in price of 34552 (USD 1433) but denied and the price tumbled down. The next major resistance in the weekly chart is at 34552 (USD 1433), August 2013 high. But to get there, it will have to break 32792 (USD 1360), the daily 150 SMA as of now; 33154 (USD 1375) and the RSI resistance itself first. Support sits at 31369 (USD 1301) and 31514 (USD 1307) where there are two fib retracement levels, 50 % of the long term 2008 to 2011 uptrend and 50 % of the most recent July to September uptrend. As of now the momentum seems bullish.

Fundamentally, investors and traders would be waiting for data releases on Wednesday on Non-Farm ADP Employment change, Core CPI, FOMC Statement and Federal Fund Rate in the U.S. economy.

Trade Happy, Trade Safe :)