Gold has reached our previous target - resistance level 1510. The price was not able to break through the resistance level of 1510 Now I expect a fall from this level to the level 1497
Watch for the Markit and ISM PMI numbers coming out in 45 minutes and 1 hour respectively.
If the ISM numbers in particular under perform, watch the stock markets turn on its head and gold go back up.
If numbers are in line with expectations or strong theres still downward pressure on gold.
Has the news affected the GOLD to sell more or buy
ab123123
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@TriumphEdem, the ISM PMI numbers came in strong 54.7 vs 53.5 expected. As a result it sent gold down.
Right now US 10 year yields are back up to at 1.86% which is near the recent highs of mid September at 1.9%.
If bonds yields bounces off these levels and goes back down, then now would be a good point to buy gold. If it breaches 1.9% and keeps going, then gold might just carry on falling.
TriumphEdem
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@ab123123, Thanks.
Where do you get this details from? Am new to Forex, wish I can have the source to guide me in my gold trade.
If you search the term "economic data calendar" in google, the first link should be an fx street economic calendar which tells you the economic data as soon as it comes out.
With regards to US bonds you can find it here on trading view, search the ticker "US10Y" which is the US 10 year bond yield.
Almost all financial instruments are priced based off the US 10 year bonds yields, the interest rate is basically considered the risk free rate of return across the world.
Good job. We also hit our sell target, in fact earlier than expected:
telephoton
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I see out of your last 15 predictions 2 were bullish and both were right. 3 of your short predictions were wrong, but that is a pretty good ratio. When do you think gold will reverse the overall downtrend?
If the ISM numbers in particular under perform, watch the stock markets turn on its head and gold go back up.
If numbers are in line with expectations or strong theres still downward pressure on gold.
Has the news affected the GOLD to sell more or buy