Precious metal, finally got a catalyst for growth. Recent data from the US once again confirm that the rush to increase in the rate the Federal Reserve is clearly not worth it. There was a reduction in business activity in the service sector and manufacturing industry, earlier, a report on the labor market showed the slowest rate of growth of new jobs in December of 2013.
Consumer confidence showed a significant reduction (95.2 vs. 102.6 and 101.4 projected in March). All this is particularly true in the run-up to the decision on the monetary policy of the Federal Reserve, which will be published on April 29. Most likely, the number of opponents in the June rate hike will increase, which will put additional pressure on the dollar. Consequently, gold futures has a chance of growth.
Support and resistance levels
Support 1 1206,17
Support 2 1200,00
Current price: 1212,93
Resistance 1 1213,98
Resistance 2 1221,08
GOLD futures (XAU/USD) – buy gold – Buy prices in the breakdown of the level of 1213.98 to 1221.08 for the purpose. Stop-Loss = 1206,17
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes only and do not guarantee the results obtained.