FOMC meeting minutes and Non-farm pay roll numbers attract investors attention. The jobs data reflects on the gold prices. Fed will start tampering in January. If the US economy keeps on turning healthy, then Fed will completely scale back its bond purchasing program in upcoming meetings. Last week we mentioned regarding the interest rates. If we look into the year of 2015, there is a vast chances to increase its interest rates in the next year. Fed committed low interest rates at zero in 2014.
Gold prices discounted the factor of FOMC meeting minutes. Yellow metal wiped out its 1 week profit partially. In Asian's trading session gold is trading at the level of $1,228 below its 21 DEMA. Price below 21 DEMA is not good for longs. In terms of bull factor, prices are holding above $1,220 favour to bulls.
Support $1,220 $1,215 $1,200
Resistance $1,232 $1,238 $1,246
In the hourly charts, oscillators show some pull back possible, and the daily chart indicates the sign of overbought levels. Today's trend decider is the level $1,226.
