Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
ArticlesNewsFlowGold & Silver PricesMarket Briefing

The Fed bottom line is to try and keep the US dollar in check

IMG Auteur
Bill Downey
Gold Trends
Published : April 29th, 2015
362 words - Reading time : 0 - 1 minutes
( 1 vote, 1/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Disclaimer
Category : Market Analysis

INTRA-DAY NEWSLETTER ~ April 29 2015


The FOMC statement comes out near 2 PM EST.

The bottom line is the Fed does not want a higher dollar at this time and with the sagging global economy and US signs of weakness, the Fed will do the best it can to maintain credibility on the longer term but at the same time,  odds favor they will be dovish on the short term.

The chart shows the long term channel line where they are trying to cap the rise.  They want to avoid the USD going above that channel line.  We have been favoring a correction in the USD since we’ve reached this long term trend line.



Ordinarily we would expect gold to catapult higher on a weakening dollar and the last 4 days have seen the 2nd biggest drop in 6 years in the USD.  Gold however is pretty much at the same price area as it was a week ago, emphasizing just how bizarre this market is acting.

1st Support on the USD is this area in the 93.50-94.50 area and then at 89.50-92.50.

 

Gold Chart
The overall trading range of 1175-1225 for April is still in effect.  Until we resolve either way things remain a choppy mess.    Resistance is the 1215-1225 area and then 1232-1239.   Support is the 1198-1202 area and then 1183-1190.   Keep in mind the FOMC statement will be out near 2PM EST and then we’ll see what the control boyz decide to do with price.   The bulls have a slight advantage, and the odds for a pop to 1220-1225 and potentially up to 1240 should come into play.  We say should because gold should be rallying harder than it has based on the US dollar action.

 

Silver
As you can see silver has been in a trading range all year so far in the 1550-1800 area.
Support on the short term in silver is the 1580-1610 area and resistance is the 1687-1720 area.  The bulls have a slight advantage at the moment.  And while nothing is for certain in this trade range, a push to 1690-1725 could be in the offing.  Any close below 1580 cancels that scenario.  




<< Previous article
Rate : Average note :1 (1 vote)
>> Next article
Bill Downey is the editor of www.GoldTrends.net where he monitors the price patterns on an hourly, daily, weekly and monthly basis. He offers commentary on what it all means along with support and resistance levels along the way in advance of each day's trade. If you would like to join for 30 days he offers a free trial. Visit his website home page for details.
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
MOST READ
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Gold Editorials | Gold Resource News | Gold Fundamental | Gold Discoveries and Drilling Results | Gold Exploration and drilling | Gold In the News and Medias | Gold Most Read Press Releases | List of Copper mining companies | List of Lead mining companies | List of Nickel mining companies | List of Zinc mining companies | List of Gold mining companies | List of Silver mining companies | List of Platinum mining companies | List of Diamonds mining companies | 金銀市價 | सोने_की_कीमत_और_रजत | Precio del oro y plata | أسعار_الذهب_الفضة | ราคาทองคำและเงิน | gold und silberwechselkurs
Contact us Privacy policy Disclaimer About us
copyright 24hGold