KQMarkets
Short

Gold - Short - Pre Powell/Jackson Hole

TVC:GOLD   CFDs on Gold (US$ / OZ)
On our previous analysis our view on Gold was neutral but we now see Gold prices moving lower as the recent uptrend has lost momentum. This can be attributed to the FED minutes released Wednesday from the FED meeting on the 31.07 indicating as in Powell's post FED meeting speech that there would be no further rate cuts. Therefore our view currently is short unless prices rise above the last area of price consolidation around $1515 and we see prices dropping towards the $1430 support level .
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