Gold Declined Further Amid Thin Liquidity On Thanksgiving Holidays
Capitol Academy | Nov 27, 2014 03:17AM ET
Gold retreated for a second session on Thursday, holding below $1,200 an ounce, offsetting the previous gains, and traders remained cautious ahead of the Swiss referendum on central bank bullion assets.
On the other hand the US Dollar declined yesterday after disappointed US economy data releases. Today the liquidity is expected to be thin due to Thanksgiving holiday in U.S.
The Gold is witnessing an accumulation step which confirms the recover of the prices at the beginning of the next week, and a break above the $1204 level to the upside, will open the door for consecutive bullish waves toward the general main targets of $1214, $1223, $1230 and $1255 per ounce.
Concerning the short term trading, the Gold is expected to remain in sideways trading between $1156 and $1176, which would represent good opportunities to enter buy positions from the bottoms.
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