0

  

Gold Tech/Sentiment Update – 25/10/12

• Gold has continued its recent downside after finding interim resistance near the nine-month highs.  Gold prices have dropped over 5% during the previous 2 weeks.
• Recent low gold prices might prove to be attractive for potential new buyers.  India’s Diwali festival approaches with a possible increase in demand for the previous metal. 
• From the technical perspective the $1700 per oz level and close 38.2% Fib ret might provide some kind of support.  It is also worth noting that the 61.8% level is aligned with previous resistance highs around $1630 should gold see a sustained drop in value.