Gold Investment October 20 Morning: fall 1170 1164 support level concern

Updated: October 20, 2015  Views: 75

FX168's International Gold on Tuesday (October 20) Asian city early still hovering around $ 1,170 level on Monday (October 19) due to good US housing data boosted the dollar index on the probe 95 mark, while oil prices slump and the impact of China's economic worries ease, the price of gold fell $ 1,170 on the New York session, and refresh $ 1,168.10 / ounce, recorded a decline for a third day on Tuesday evening investors should focus on US September housing starts data, and the Fed officials content of the speech.

Technically, the daily level of the overnight price of gold hit $ 1170 and closed below the 200-day moving average, MACD red kinetic energy column continues to shrink on the index, MACD double opening further convergence, KDJ double down, the overall risk neutral bias on .4H level, although indicators show that the price of gold is still possible to adjust demand, but as long as hold $ 1164 (the end of July rose to 23.6% retracement) above, investors will still likely rebound. current price of gold initial resistance at $ 1,176, further resistance in 1180,1190,1198 / 1200,1218 / 1220 and $ 1232. On the downside, initial support at $ 1,170, and further support at 1164,1150,1136,1122,1112 and $ 1,100.

(Gold daily chart Source: FX168 Financial Network)

Operating strategy, in early Monday Asian city had proposed short-term wet storage bargain at $ 1175-1174 more objective look at 1183-1187 dollars, the radical look above $ 1,190, $ 1,173 with a stop from the day of performance, Stop being swept, policy failure. [19 October Morning Gold Investment]

Tuesday Overall not recommend short, it is recommended to use the opportunity of gold to $ 1168-1165 retracement of caution, wet storage to do more dips, objective look at the dollar 1174-78, the radical look above $ 1,180, with a stop below $ 1,163.

Gold TD, on Tuesday also recommended cautious short-term wet storage to do more dips.

Fundamentals of favorable factors:

1. New York Fed President Dudley (William Dudley) said that day, because of concerns about global economic growth, the United States is too early to consider raising interest rates, he warned, ignoring the weak global economic growth is only the fact, is a 'big mistake . '

Fundamentals of negative factors:

1. San Francisco Fed President Williams said Monday, despite the negative factors from overseas is down US inflation, the Fed began raising interest rates should continue to grow as soon as the economy slowed down, so as not to become unsustainable.

Data 2. the National Association of Home Builders (NAHB) released on Monday showed the US October NAHB housing market index rose to 64, the highest since October 2005, as amended on September 61.

3. China's National Bureau of Statistics data released earlier Monday showed that the third quarter GDP grew 6.9%, slightly higher than the median forecast of 6.8 percent, but still the highest since the first quarter of 2009, the lowest Chinese GDP growth slowed but slightly better than expected, investors have eased worries of a hard landing, provide support for the global market after the release of the data the price of gold dropping $ 1,170.28 / oz day low.

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