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GOLD CURRENT TRADE
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BGT at 1308 stop 1300 On July 31
SL Was Moved to 1308
TARGET 1350
SL Was Moved to 1308
TARGET 1350
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Gold remains in a "holding pattern" around 1330 as traders await the FOMC announcement this evening and a raft of data releases this afternoon prior to it (ADP employment, US GDP, Chicago PMI).
The pattern on the daily chart looks very similar to the price action just before the sharp declines in early May and mid-June and we suspect a similar sharp decline could be on the cards now.
However, a strong break above 1350 would suggest that the 1180 bottom was potentially the low for this decline and a move back up to 1425 would be the more likely scenario.
Either way, we should see some strong price movements today as traders open new positions in the aftermath of the data releases and FOMC announcement.
It looks set for gains to 1341.10.
Supports at 1315.49 and 1307.46.
Supports at 1315.49 and 1307.46.
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
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.
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
