18hrs
Long

Understanding Gold Post-Labour Day

FX_IDC:XAUUSD   GOLD / US DOLLAR
Labour Day has ended signaling the unofficial end of summer as traders start to get back to their desks. We're still experiencing temperatures in the high +30c here in Toronto, but market activity will definitely pick up shortly. As I forecasted in the chat room last night, gold             pushed through $1328 and cleared $1332 last night in Asian markets against a weaker USD. If the volume can pick up this week we will see gold             move past $1338 and then breakout at $1340. If the $1328 support line is broken once again, it would signal that the market wants to wait till after this September's Fed meeting before committing to any higher move and trajectory- with a possible move lower pre-Fed meeting.
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