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FxWirePro:Gold hits 3- week high as US Senate to delay corporate tax cut, good to buy on dips

  • Gold is holding near 3- week high on slight weak dollar. The yellow metal has shown a minor jump till $1288 and is currently trading around $1284.
     
  • US Senate version of tax plan was released yesterday and it confirms that corporate tax cut will be delayed by a year. GOP Senate leaders announced a tax package that it will delay cutting corporate tax from 35% to 20% until 2019.
     
  • US Dollar index has shown a minor dip till 94.42 after hitting high of 95.15. The index is facing strong resistance at 95.20 (161.8% fibo) and any break above targets 96/96.51 level. It is currently trading around 94.84. The pair is facing major support near 94.29 and any break below confirms minor weakness till 94 (20- day MA)/93.78 (55- day EMA)/92.60 likely.
     
  • Technically gold is facing near term resistance around $1291 (Oct 19th 2017 high and 61.8% fibo) and any break above will take the pair to next level till $1300/$1309. Further selling in gold can be seen only below $1260.
     
  • Gold’s near term support is around $1262 (61.8% retracement of $1204 and $1357.90) and break below will drag the commodity down till $1250.The yellow metal should close below $1250 for major trend reversal. The minor support is around $1277/$1270. 

    It is good to buy on dips around $1280 with SL around $1271 for the TP of $1291/$1300.

 

 

 

 

 

 

 

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2017-11-23 11:36:21
0m

November 23 12:30 UTC Released

BRForeign Direct Investm't*

Actual

8.2 Bln USD

Forecast

7.2 Bln USD

Previous

1.0000 Bln USD

November 23 12:30 UTC Released

BRCurrent Account*

Actual

-0.343 Bln USD

Forecast

-1 Bln USD

Previous

0.657 Bln USD

November 23 13:00 UTC 88m

RUCbank Wkly Reserves*

Actual

Forecast

Previous

426.4 Bln USD

November 23 13:00 UTC 88m

ZAPrime Rate*

Actual

Forecast

Previous

10.25 %

November 23 13:00 UTC 88m

ZARepo Rate*

Actual

Forecast

6.75 %

Previous

6.75 %

November 23 13:30 UTC 3838m

CARetail Sales MM

Actual

Forecast

0.9 %

Previous

-0.3 %

November 23 13:30 UTC 3838m

CARetail Sales Ex-Autos MM

Actual

Forecast

1 %

Previous

-0.7 %

November 23 14:00 UTC 6868m

MXIGAE Econ Activity MM

Actual

Forecast

0.14 %

Previous

0.21 %

November 23 14:00 UTC 6868m

MX1st Hlf-Mth Core Infl YY*

Actual

Forecast

4.71 %

Previous

4.75 %

November 23 14:00 UTC 6868m

MX1st Hlf-Mth Core Infl YY*

Actual

Forecast

0.73 %

Previous

0.62 %

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