Gold Is Trading Below $1200 Ahead Of The Swiss Vote
Capitol Academy | Nov 25, 2014 03:02AM ET
The Gold remained steady blow $1200 per ounce after the small losses that recorded in the previous session, while traders keep an eye on the US Dollar news and on the Swiss referendum on central bank gold reserves o Nov 30 2014
The vote aimed to put pressure on the Swiss National Bank to hold at least 20 % of its assets in gold.
Market analysis claimed that a 'yes' vote could boost the gold prices, which fell to a 4-1/2-year low at the beginning of this month.
The Gold remained moving within a range trading around $1200 per ounce forming the Narrow 7 Days candle, which confirms that any break above the $1204 will send the prices toward $1209 and $1216, which is supported by the formation of the MSL (Market Structure Low) indicator around the bottom of $1131.63 and the closing of the prices above the Trigger Point at $1193.
A break above the mentioned area will open the door for further recover of the prices toward the main targets of $1230, then $1255 per ounce.
And we recommend our dear traders that the trading of the Gold above $1204 level would represent good opportunities to enter buy potions, particularly for the day traders, but we also recommend monitoring the $1178 as the main support level.
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