Gold/USD Daily Forecast
after U.S government partial shutdown
The U.S. government began a partial
shutdown on Tuesday for the first time in 17 years, potentially putting up to 1
million workers on unpaid leave
After lawmakers failed to reach a
compromise on the bill for urgent spending before the deadline, and president Barack Obama said that this decision is
irresponsible as many employees will loose their jobs, so the fear of total
government shutdown and the negative Chinese economic data have affected the
gold prices to trade between small gains
and losses which reflects the
worry of investors and the market.
Concerning the technical analysis, the
Gold/USD pair declined to reach the first expected target of $1326, which represents
a strong support level, so today we expect the pair to bounce up and to retest the 1337 and 1345 levels , and this
is confirmed by the Divergence on the daily chart which reflects the shift of
trend from bearish to bullish correction, however and as we have mentioned
before , this rally will be just permanent , and on the medium term trading we expect the Gold/USD pair to retreat toward
the 1309 and the weekly target will be at $1293 per ounce.
