20 Dec Update, Quite after some time
Our last post was on 12th December. Since then we
haven't posted daily post because during holiday season, we believe the market
volume to be thin and that may result unjustifiable price swings which most of
the times doesn't go well with trading strategies, so we kind of take days off
until mid of January. Since 12 Dec until 18 Dec when Federal Reserve announced
its 10 B cut on the stimulus program, Gold traded in a range of 1220 and 1250.
As long waited Fed tapering was announced to start from January 2014 after 2
days meeting on 17th-18th December, Gold broke the
channel support at 1210 and tested 1188 low yesterday.
Majority of trader and investors believe that break of 1180
would accelerate the price further down. The broader outlook for Gold has
turned back to Bearish from had 1210 provided base, then neutral. The next
major support should be at around 1155 which is very important 61.8 % fib level
of USD 682 to all time high of USD 1920.
Trade Happy, Trade Safe :), and Happy Holidays :)
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