Gold Morning Technical Report 30/10/2014
ecPulse
2014-10-30 07:13AM UTC
The U.S. Federal Reserve decided yesterday to end its quantitative easing program boosting the U.S. dollar, which pushed gold to the downside. By examening the graph, we notice that the metal is currently trading below 1215.75 which favors extending the downside move towards the psychological barrier 1200.00, then breaking the latter could lead to touching the previous bottom at 1182.80 at least.
The negative possibility remains valid today unless the price breaches 1215.75, as RSI and MACD support these expectations. Linear Regression Indicators began trading negatively and the metal is trading below them now, which support the possibility of extending bearishness.
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