The market today seems to focus on Mario Draghi’s speech on QE package, and data of U.S crude stockpiles. At the moment (6:27 pm GMT + 7), gold price fell slightly by 0.15% compared to the opening price ($1,161.72 /oz). Gold previously rose 0.3% to the day high level at $1,165.19/oz, then turned back to see bearish trend that occurred yesterday (10/1).
It seems today price continues to decline until it hit the support level at $1,141.61/oz achieved in May 2014. The amplitude from the current price to the next support level is 17$. It is forecasted that this number can not be reduced to 0 during the U.S session tonight (starting at 7:00 pm GMT + 7). Gold price will continue to decline or go sideway until hitting the support level mentioned above or to the Fed’s next meeting on 18/3.