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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