Analysis about Gold. GOLD bearish but still can keep fighting the good news though can not generate sustained momentum analysts said. The market is closed on U.S. Thanksgiving Holiday, the price of gold on Thursday remained in a fairly tight range with a low at $ 1,235 per ounce to a high of $ 1,246.80, spot gold closed the North American session at $ 1,243.40 per ounce, down $ 1.60, or 0,13 % on the day.
News Wednesday the new demand for bullion in China is not enough to keep the price above a key area in the $ 1,250 per ounce. According to media reports, gold imports to China reached 129.8 metric tons in October, the second highest flow of gold this year.
Bart Melek, head of commodity strategy at TD Securities , agreed that the " speculative interests will continue to dominate the market and physical demand will play a secondary role ". Melek said that the import data is quite good and may be driven by differences in premium spread between the London Metals Exchange, Comex and Shanghai Gold Exchange, but he added that the import still does not change the basic supply and demand picture.
" We still see a decent Chinese buying and no one can argue with that , " he said. " The fact is we are projecting 800 [ metric tons ] of disinvestment this year and another 400 to 500 [ metric tons ] next year." Melek added that not only do they expect investment demand to weaken next year, but the supply of primary and recycled metal will remain strong. Seeing the demand next year, said Melek TDS expects demand for bullion and gold coins to weaken next year, however, should increase demand for jewelry.
Fibonaci analisys for GOLD in Next Week
R2 : 1252.73
R1 : 1248.77
Pivot : 1241.68
S1 : 1237.72
S2 : 1230.62
S3 : 1226.67
Rekomedasi open positions :
buy : 1248.77 tp1 : 1250.75 TP2 : 1256.27 Stop Loss : 1228.65
sell : 1239.70 tp1 : 1237.72 TP2 : 1230.63 Stop Loss : 1259.82
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