Gold is supported by July low ahead of FOMC days
"With the Fed decision only two days away, price fluctuations will be limited as a rate hike is already priced in."
- Wing Fung Financial Group (based on CNBC)
Pair's Outlook
Price movements ranged from 1,062 to 1,079 on Friday of the previous week. Nevertheless, neither bulls nor bears managed to get control into their hands, meaning gold was practically flat by the end of the trading day around the 1,074 mark. At first, it proclaims that July low (1,070) keeps the bullion under pressure. Additionally, 20-day SMA allows no climb anywhere above 1,076. We see the volatility reading increasing later this week, especially before the Fed meeting. Core bullish target is the monthly PP at 1,086, while the bears are looking at 1,062 (weekly S1; Bollinger band).
Traders' Sentiment
The share of the bulls has been completely unchanged at 62% over the weekend, while short SWFX traders are in minority with 38%.
- Wing Fung Financial Group (based on CNBC)
Pair's Outlook
Price movements ranged from 1,062 to 1,079 on Friday of the previous week. Nevertheless, neither bulls nor bears managed to get control into their hands, meaning gold was practically flat by the end of the trading day around the 1,074 mark. At first, it proclaims that July low (1,070) keeps the bullion under pressure. Additionally, 20-day SMA allows no climb anywhere above 1,076. We see the volatility reading increasing later this week, especially before the Fed meeting. Core bullish target is the monthly PP at 1,086, while the bears are looking at 1,062 (weekly S1; Bollinger band).
Traders' Sentiment
The share of the bulls has been completely unchanged at 62% over the weekend, while short SWFX traders are in minority with 38%.