Gold/USD Forecast for the week of October 07,2013
The U.S Dollar remains under
pressure as the U.S fiscal ceiling
stalemate has continued and we wait the October 17th decision, And now the Congress has to raise the U.S. debt ceiling by the17th of
this month to contain the crisis and do not prolong the government shutdown of
the largest global economy.
Concerning the technical analysis,
the Gold/USD remains steady above $1300 per ounce as a safe haven asset amid
the global economic crisis.
And we expect the prices to witness sideways trading between the $1309 and
$1323 levels at the beginning of this week.
And any rally of the Gold/USD pair would represent good opportunities to
short the pair as we expect the general trend will remain bearish and the Gold may decline to the 1290 level, then toward the
key level of $1240 per ounce.
The prices are also trading below
the Fibonacci level 23.6 % and it has reached almost key support level, and
this confirms the bearish trend of the pair.
