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Wednesday, January 25, 2012

Daily spot gold Chart outlook january 25 2012

Daily spot gold Chart outlook january 25 2012 : As we discussed yesterday, the pickup in US economic data coupled with a pledge to keep rates at “exceptionally low” levels through mid-2013 has stoked inflation expectations, allowing gold to drift higher. This dynamic faces a formative test today however as FOMC policymakers unveil their rates outlooks. If the average path of borrowing costs points to a relatively more hawkish bias than is currently priced in, gold may quickly find itself facing substantial selling pressure. Needless to say, the reverse is likewise likely to be the case.

Spot Gold (NY Close): $1665.18 // -11.50 // -0.69%

Sizing up the chart setup, pricesput in a Bearish Engulfing candlestick pattern below support-turned-resistance at 1677.05, hinting a move lower is ahead. Initial support stands at the bottom of a rising channel set from early January now at 1657.98, with a break below that exposing 1638.84. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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