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Gold analysis Thursday 4th of May 2017

Gold analysis Thursday 4th of May 2017

 

The gold declined during yesterday and recorded its lowest level in 6 months at 1235 after the positive tune of the announcement of the Fed after the interest rate decision with expectations to rise the interest rate next month again.

The Fed kept the interest rate at the same level yesterday without any change as it was expected

From the other side pools shows that Lapin chances to win the elections are not high and this made investors not trade on Gold

From the other side yesterday purchasing managers index was released and it showed a rise to 57.5 above expectations that pointed to 56.1 while the previous reading was 55.2

Technically

Staying down of 1240 may push the gold to 1225 and then 1220

In contrast stabling above 1240 may push the gold up to 1248 and then 1251 and 1260

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