Approximately 2-3% swings whipsaw Gold markets at European session followed by NY session mainly due to collapse of Russian Rubel. Most western banks stopped pricing of USD/RUB at yesterday noon due to extensive volatility.
Meanwhile Gold resumes trading below $1205 level which would act as pivot point at Federal Funds rate. Gold has entered a Bearish phase below $1280 in August 2014 that prevents Bullish momentum in Medium/Longer Term. Yearly closing above $1280 (December 31st 2014) would eliminate Longer term Bearish probabilities. Meanhile, Yearly closing anything below $1170(December 31st 2014) could be exteremely Bearish indication for Gold's future fluctuations. Major long term support zone $1097-1123.
Major upcoming Economic event Wednesday Dec 17th 2014 23:00(GST)
Federal Funds Rate
FOMC Statement
FOMC Economic Projections.
Kapil Bhagat
www.buygoldbaruae.com
January 11, 2016