Gold/USD Technical Analysis Forecast 09/25/2013
Fundamental Analysis:
The Gold has continued its
decline against the US Dollar due to negative European data, including
disappointing German IFO data and pledge of the ECB President Draghi to keep
interest rates low, and has affected the Euro and pushed him down against
strong dollar.
Technical Analysis:
The Gold/USD pair has resumed its
trading within the Ichimoku cloud ,and it has breached down the MA(20) and
MA(50), and the ADX indicator also is showing strong bearish trend, so today we expect further decline of the
Gold/USD toward $1304-$1294 per ounce, and we wait the par to reach the general
target of $1240 level, then the prices
will resume the bullish trend toward $1400 and $1500.
