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5th Nov 2014 XAU/USD Gold Analysis

5th Nov 2014 XAU/USD Gold Analysis

 XAUUSD, XAU/USD, Gold, Gold bullion, commodity, commodities, precious metals, metals, gold price, gold price forecast, gold price outlook, XAUUSD analysis, XAUUSD technical analysis, XAUUSD outlook, XAUUSD price, XAU/USD analysis, XAU/USD forecast, XAU/USD outlook, XAU/USD price, XAU/USD technical analysis, XAU/USD analysis, XAUUSD forecast Gold remains near 1162-1160 support price as the narrow trading range today is not surprising considering the U.S elections ongoing

 XAUUSD, XAU/USD, Gold, Gold bullion, commodity, commodities, precious metals, metals, gold price, gold price forecast, gold price outlook, XAUUSD analysis, XAUUSD technical analysis, XAUUSD outlook, XAUUSD price, XAU/USD analysis, XAU/USD forecast, XAU/USD outlook, XAU/USD price, XAU/USD technical analysis, XAU/USD analysis, XAUUSD forecast Trading sideways below 1171 bearish calls are aplenty as supports at 1160 and 1153 may be challenged next.

 XAUUSD, XAU/USD, Gold, Gold bullion, commodity, commodities, precious metals, metals, gold price, gold price forecast, gold price outlook, XAUUSD analysis, XAUUSD technical analysis, XAUUSD outlook, XAUUSD price, XAU/USD analysis, XAU/USD forecast, XAU/USD outlook, XAU/USD price, XAU/USD technical analysis, XAU/USD analysis, XAUUSD forecast Hourly charts shows a slight higher low forming as prices rebound from 1167 support

Republicans are poised to make gains in U.S. elections today but it remains to be seen whether the party will capture enough seats to seize control of the Senate. A Commerce Department report showed factory orders slipped 0.6 percent in September, matching economists’ forecasts. Other data showed the trade deficit in the U.S. widened in September as exports fell. The deficit gap grew by 7.6 percent to $43 billion, the largest since May.

Gold did not respond in relation to these figures as the 55 hourly average trades above the current market price, while the 200 and 104 moving averages show downslopes in tandem to lower prices that look likely to continue. ADP employment change and ISM Non-Manufacturing PMI later today are likely to swing the U.S weaker if estimates hold, with Gold likely to break back above 1171 towards the possible resistance at 1182 which was a support on 3rd October this year.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bullish 1153 11651167117111821192

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