AUG 29
8.00 A.M. GMT
Yesterday, the metal retested the broken descending resistance, which turned into support around 1655.00 level, where price rebounded again and currently approaching the recent highs. The rebound after the retest process gives the bullish scenario we were expecting further chances to succeed. Thus, we maintain our bullish outlook for the metal, supported as well by the 200-days SMA which is slightly below the main trend line.8.00 A.M. GMT
The trading range for today is expected among the key support at 1640.00 and key resistance now at 1700.00.
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1520.00 remain intact with a weekly closing.
We recommend buying gold above 1650.00 targeting
1675.00 and 1700.00. Stop loss below 1635.00
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
