The recent decline of gold from its high of $1361 may be defined as the resumption of a downtrend, which started last August 2013. Several factors can be cited for this move such as:
1. Good economic status of US as shown from its additional jobs created for the last two months and FED speculations of tapering its QE program as soon as December.
2. The recovery of the US$ against major counterparts based mainly on good economic standing and shift of interest rate policy.
3. The central banks policy shifts of major industrialized nations to easing its current rates as compared to hiking in FED.
With the above-mentioned, bias is for gold to resume its decline and may re-test the area of $1251 (October 2013 low) and $1208 ( July 2013 low).
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