The Gold Market was very much in our favour last week as it met our levels. On our last trade on 5min Gold Chart was quite successful as the market bounced from our entry level of 1626.5 going long to 1640, still rising. US jobs report was better than expected showing 103,000 jobs in september which gave lift to Wall Street while the downgrade of Spanish and Italian government debt by rating agency Fitch has undermined investor confidence. One of the Franco-Belgian bank Dexia, the first bank to fall victim to the debt crisis. The French and German leaders have met today to discuss the crisis issue and said that they were determined to do the necessary to ensure the recapitalization of Europe banks, they need between 100bn and 200bn euros to withstand the soveriegn debt crisis. This week news to watch is the ongoing eurozone crisis, this sovereign debt crisis will support the Gold prices this week. So more investors will be buying Gold but some analysts say that if the crisis in Europe continues and leads to recession then we could see prices going down. I will be looking at the 4hour Gold Chart that I had posted earlier in my recent posts, as I expect the market to rise and then see what it does around key levels. Will be posting more trade alerts soon!!
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