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Gold: October 24 review

 

After Bell rang and today’s consumer durable, unemployment claims and home sales data, Gold prices raises above $1505.75 range today.

 

Dow 30, traded -80 points, down -0.31% at early US hours.

 

By 10.15 AM ET, US Dollar Index, December futures traded $97.400 range, up +0.19% against all major currencies.

 

Today’s Draghi’s news regarding negative side effects for financial system and he should expect to restart again QE programmed as soon as possible.

 

The final meeting of Draghi will again push the safe heaven demands. But traders also keep in mind for this month’s Fed rate cut decision. And we will expect more positive news for Trade war.

 

All European markets traded positively around 0.70-1.25% range after this comments.

 

Gold futures, December contract traded $1505.75, up +0.62% at early US hours.

 

Expectation of profit booking in Hedge funds like Gold and Silver will come very soon.

 

For Intraday and Weekly strategy for Gold given below.

 

Entry point – $1505.75-$1508.00 range

 

And keep R1 $1519.50

 

And wait S1 $1488.90

And wait S2 $1484.00

And wait S3 $1475.00