Gold could trade down to the lower band of the Bollinger band on the daily chart of $1210 if we get strong data out of the US tonight

Chris Weston

Gold could trade down to the lower band of the Bollinger band on the daily chart of $1210 if we get strong data out of the US tonight. On the docket in the US we get November ADP private payrolls (consensus calling for 170,000), October trade balance (to narrow slightly to $40 billion), services ISM and new homes sales. My stance continues to be that the year's low of $1180 is likely to be tested in the coming weeks.


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Chris Weston

Chris Weston

Chief Market Strategist, IG Markets

Chris joined IG as a sales trader in 2006, having worked previously at Morgan Stanley, Credit Suisse and Merrill Lynch, gaining exposure to both equity and fixed income trading. After accruing 15 years' experience in financial markets, Chris...

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Medium 0f4d7d36e46de79f9992c238ea19d43c1380339494

Chris Weston

i'd be a buyer around $1190, but for me plenty of other things i'd be long even if it did dip there. Investors/traders are just finding it hard to understand exactly what te purpose of holding gold is right now. Maybe you could shed some much needed light?

Medium cfaeebf8e4ec484a7a677e2b9426af2e1380496323

Jordan Eliseo

you could well be right Chris - interesting that Credit Suisse are out arguing gold is in the 'capitulation phase' of its bear market. I think we're going to bottom by Q1 2014

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