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GOLD/USD Forecast February 02, 2015
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Fundamental Analysis

The Gold steadied near $1280 per ounce on Monday, after hitting its highest monthly gain in 3 years, and growing worries concerning the slow global economic growth have increased the bullion demand as a safe haven asset. In fact, the data released during the weekend have showed the shrinking of China factory sector during the month of January for the first time since 2012. On the other hand, a report released on Friday indicated that the U.S. gross domestic product data has declined sharply during the fourth quarter of the previous year.

Technical Analysis

The demand for Gold as a safe haven asset remains increasing amid the increasing political and economic tensions, and the prices rebounded significantly on Friday, the steadied around $1280 per ounce. And the general trend for the yellow metal on the medium and long ter trading remain bullish, in which the Gold has faced a strong barrier around the simple moving average 100, which pushed the Gold slightly down, however, as we can see on the weekly chart the prices are in process to prepare for a strong bullish wave. And the Gold has succeeded to remain steady above the Trigger "Vic's 2B Bottom", which confirms the recover of the prices toward the main targets of $1286, $1294 and then $1303 per ounce. Concerning the medium term trading, we expect a recover of the Gold toward $1323, and $1340 per ounce. So the Gold represent good opportunities to buy during this period .


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