Gold price rise after china posted weak manufacturing numbers. Manufacturing fall from 50.5 to 50.1. Its not bad numbers but expectations was 50.7 hence we seen some quick reaction from gold this time. Yesterday gold price took a dip as personal spending rise in US and numbers were better than expected. After China’s data dollar index came in pressure and this resulted in gold price rise today.

We have Canada’s GDP numbers and US consumer sentiment data today. Usually Canada numbers does not effect much but last time BOC governor statement shook gold price. So this time we will be watching Canada’s numbers closely. Tomorrow we will have FOMC meet conclusion which will give road map for gold for upcoming days.

For now gold price trading at 1283.40$. Good support in xauusd stands at 1275$. If market break and sustain below 1275$. Then expect good pressure in this precious metal till 1268$- 1261$.

Resistance in gold chart stands at 1288$. If market break and sustain above 1288$. Then expect good rise in xauusd till 1296$- 1300$ today.

Conclusion: Currently precious metals are trading according to major world data. So trade cautiously with every data coming almost daily this week. You have to place stop loss very strictly. Comex Gold price trend is flat to weak for now so avoid any buying till market does not breach 1288$. Its better to take a sell on rise with stop loss of 1288$.

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By marafat