GOLD/USD Forecast October 31, 2014 - Technical Analysis | MBCFX.com
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GOLD/USD Forecast October 31, 2014
 
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Fundamental Analysis

The Gold has continued its bearish trend to trade below $1200 per ounce on Friday, while silver dropped to its lowest level since early 2010, as strong U.S. economic data and fears of an early rate hike have decreased the safe haven demand of the yellow metal as a safe haven asset.
Especially after the release of upbeat economic data which showed that U.S. gross domestic product rose higher-than-expected to 3.5 %.

Technical Analysis



As we can see on the daily chart, the Gold prices dropped sharply yesterday, and now the Gold is trading within a Descending Wedge.
And now we expect that the prices will test the upper line of the Wedge around $1146.67 per ounce, which would represent good opportunities for day traders to enter buy positions.
Support 2 Support 1Current PricesResistance 1Resistance 2
11561165117411831195

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