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Gold this coming week.

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
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I feel gold will do much as it did last week.With investors still not 100% show as to what direction gold should take strengthening markets and a strong US dollar as still playing a strong role in keeping prices down. However as with last week, even tho the dollar is strong, we will see some support from gold in form of mini rallies (between $3-$8).

I belive the trading range for this week will be between 1222 and 1228.30. I don't not believe we will brake support at 1220 nor brake resistance at 1229. And even braking key resistance as shown last week is not enough to signal a change from bearish to bullish .We will continue to see some sideways trading with perhaps a slit bullish lead.

At this stage it is hard to say which way gold will move. However I don't not expect to see a strong move this week. But rather expect a move next week off possible braking to 1235, before going back down to 1215 to set up for a rally to 1265. However it do's seem more and more likely the 1265+ range will not be reached for this month .

There is no positive news for gold , but no bad news .So for the moment I think gold will be some what stagnant.

Most main gold Analysis's suggest 1200 is the main number to watch.However I do not believe we will see another $20 drop .As the drop was more case a of low buyers volume , then any financial or geopolitical reason. An other drop of this kind would show significant weakening of the gold market. Should that happen we would enter key resistance levels and be heavily over sold .

Comments

You'll see a strong move with NFP
+1 Reply
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