Forum Post: gold jinyu Nov. 12th precious metal/commodity (gold) price trend analysis

International gold price volatilized and rebounded yesterday(GMT+8). Relied on 1150 support, gold climbed up to about 1170 at the end of U.S. trading time, then dropt to about 1163 and started basing. In today’s Asia trading time, gold continues to rebound after a slight drop. Currently gold is basing around 1165. The drop of USDX gives gold a breath room and opportunity to rebound, but the pressure is still big, which makes gold volatilize. the speech given by Fed’s official Plosser also emphasize that the inflation level is still steady, thus the impact of USD’s appreciation is limited. Currently gold daily chart price is tend to base. MACD green bar keeps shorten makes gold hard to predict, band trading during intraday trading seems to be the reasonable decision.