The key is the G20 meeting this weekend
Gold Chart
Rumor is that the G-7 nations are soon going to come out with a coordinated statement stating that all of the G-7 nations will start to pump money into their respective economies, and not cause respective currencies to crash against each other.
Reports Market watch
News reports on Monday said officials from the Group of Seven nations continue to weigh the possibility of issuing a statement aimed at averting a so-called currency war. A pair of officials from the Group of 20 told Reuters that a G-7 statement could be released ahead of the meeting of G20 finance ministers and central bankers in Moscow on Friday and Saturday.
Gold Chart
The hourly chart shows we are still in a downtrend . It’s going to take a close above 1672-1675 to improve conditions and give any indication of an upward bias. Resistance is 1653-1655 and 1661-1665 and up to 1670-1672. On the downside strongest support area is 1620-1630. We have listed buying area and selling area but when conditions are like this the risk is high on either side. With the G20 meeting this weekend holding short term trades adds to risk. Perhaps it is better to just wait until next week to initiate positions.
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.
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
