20 Nov Wednesday View

Gold has been trading in a tight range all day yesterday and up until now today slightly below today's Pivot at 1274.49.

I would just go with some quotes today as the technicals pretty much remains unchanged.

"I think markets have already priced in Yellen's nomination and the tapering being pushed to next year," said Songwut Apirakkhit, Managing Director of Globex Holding Management in Bankok.

"As long as prices are still below USD 1300, we think gold is in a bear market. We will change our view to neutral if the price goes above that level."

"Technically, the gold price is likely to meet strong resistance once at USD 1295 and then at USD 1300," Phillip Futures said in a note.

Hedge funds and other speculators pulled money out of gold for a third straight week to reduce bullish bets they had staked on U.S. commodities. The size of the reductions was the largest in such a period since March, data issued on Friday showed

** Resource : Reuters

There are several economic data are due to release in the U.S. later in the evening like ; Core CPI, Core Retail Sales m/m, Retail Sales m/m, CPI m/m, Existing Home Sales, Business Inventories.

More importantly market may be waiting for the FOMC Meeting Minutes due tomorrow.

Trade Happy, Trade Safe :)